Cheetah Holding acquires an additional 39,998,300 ordinary shares in Lambo Group Berhad for a total cash consideration of RM3,529,773.92, following the latest purchase the garment maker will now hold 18% from 15.5% it held before.
The company which is principally involved in product designing, product development, marketing, and dealers of garments, apparel, and ancillary products is looking to leverage Lambo’s prospects in growing the e-commerce business in coming years.
Lambo listed on the ACE Market is an information technology and e-commerce business which has a presence in Malaysia and China. It provides e-commerce business in developing, managing online trading platforms and trading of equipment. The company initially started off as a digital and internet media consultancy services provider but has since diversified into B2c e-commerce. LamboPlace has registered over 750,000 accumulated page views and over 30,000 unique product listings from over 400 brands on its platform.
Both parties inked Heads of Agreement for a business venture to revitalise Cheetah Group Online Shop in March 2021. They are aiming to ride the tailcoats of the booming e-commerce industry which is expected to grow from US$2,080.13 billion in 2020 to US$2,435.66 billion in 2021 at a compounded annual growth rate of 17.1%. The market is expected to reach US$4,072.09 billion by 2025.