IN BRIEF: AIQ completes strategic review for preserving cash

AIQ Ltd - Cayman Islands-based firm focused on acquiring and developing e-commerce sector ...

Alliance News 15 June, 2021 | 8:39PM
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AIQ Ltd - Cayman Islands-based firm focused on acquiring and developing e-commerce sector businesses - Completes strategic review, with a focus on preserving cash within the business amid depressed income levels, leading to moves to cut costs, sell off non-core activities and find new sources of revenue.

Moves include the divestment of e-commerce software and technology developed by Alchemist Codes to Wepin Sdn Bhd for GBP35,000, as well as several Alchemist Costs developers and sales team becoming employed by Wepin.

Total headcount of AIQ will be cute by 60% to 14 employees, and board and senior management have taken voluntary cut of 20%, backdated from May 1.

In addition, Alcodes International has seen initial sales from IT consultancy projects.

"Against a backdrop of difficult trading conditions, we have implemented these measures to cut costs and preserve cash while the business seeks to reposition itself by widening its focus beyond e-commerce. The board is closely monitoring the progress of the group and will take further action if required," said Chair Graham Duncan.

Current stock price: 14.23 pence, up 24%

Year-to-date change: down 16%

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
AIQ Ltd 7.50 GBX 36.36 -

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