Globavend Acquires 70% of Loomi Entertainment for $70
Globavend Holdings Limited announced its wholly-owned subsidiary, Risemind Holdings (Cayman) Limited, will acquire 70% of Loomi Entertainment Group Limited for a nominal cash consideration of US$70. This strategic acquisition marks Globavend's expansion into the digital entertainment industry, aiming to diversify its income stream beyond e-commerce logistics. Loomi Group is an AI-enabled digital entertainment company specializing in short-form micro dramas for Southeast Asian audiences, operating through its "Loomi: Short Drama" mobile application and proprietary AI platform "Imaginary." The seller, Zenith Green Limited, is wholly-owned by Globavend's CFO and director, Tsz Ngo Yu, and Loomi Group has an existing interest-free shareholder loan of approximately US$550,000 due to Zenith Green.
Key Highlights
- Globavend's subsidiary, Risemind Holdings, to acquire 70% of Loomi Entertainment Group Limited.
- Acquisition consideration is a nominal US$70, payable in cash upon closing.
- Transaction is expected to close on or before May 22, 2026.
- Loomi Group operates in Malaysia, Singapore, and Hong Kong, providing digital entertainment.
- Loomi Group integrates AI through its proprietary platform "Imaginary" for cinematic production.
- Loomi Group has an existing interest-free shareholder loan of approximately US$550,000 due to the seller.
- The seller, Zenith Green Limited, is wholly-owned by Tsz Ngo Yu, Globavend's CFO and director.
Price Impact
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