September 28 (SeeNews) - Bulgarian IoT products developer Allterco [BUL:A4L] said on Tuesday that it will sell its equity interest in its subsidiaries in Singapore, Malaysia and Thailand to Singapore-registered Skylight Venture Capital for a total of 2.1 million euro ($2.46 million).
The buyer will pay half of the agreed price on the transaction completion date; 25% within 18 months from the completion date; 25% within 36 months from the completion date, Allterco said in filing to the Bulgarian Stock Exchange (BSE).
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The collateral on the deal collateral consists of the establishment of a pledge on Allterco's shareholding interest in Allterco PTE (Singapore) and Allterco SDN (Malaysia) in favour of Allterco in order to secure Skylight Venture Capital's obligation for a deferred payment of 50% of the purchase price, the seller said.
The deal, signed on September 27, follows an announcement made in June that the two companies had signed a term sheet regarding Skylight Venture Capital's indicative offer to buy the stakes held by Allterco in Allterco PTE (Singapore), Allterco SDN (Malaysia) and Allterco Co., Ltd. (Thailand).
Allterco develops innovative Internet of Things (IoT) solutions and products, which are focused on two main product lines, smart GPS devices and smart watches for kids under the MyKi brand and home automation solutions under the Shelly brand, according to the company's website.
As at 1440 CET on Tuesday, shares in Allterco traded 0.97% lower at 20.40 levs on the BSE, bourse data showed.
($ = 0.8542 euro)