Winking Studios WKS has announced the proposed acquisition of 100% of the issued and paid-up share capital of On Point Creative for an aggregate purchase consideration of NTD59 million ($2.6 million).
On Dec 28, Winking Studios entered into a sale and purchase agreement with Taipei Exchange-listed Game Hours. On Point Creative is a wholly-owned subsidiary of Game Hours with an entire issued and paid-up share capital of NTD35 million comprising 3,500,000 ordinary shares.
Winking Studios says the proposed acquisition is in line with its business strategy to pursue strategic acquisitions and expand its sales and capabilities to increase its market presence globally.
The proposed acquisition will be financed through the company's internal resources as well as proceeds from its share placement and cornerstone tranche.
Shares in Winking Studios closed unchanged at 20.5 cents on Dec 28.
