KUALA LUMPUR, November 1 – Bursa Malaysia Main Market listed company Industronics Berhad (“Industronics” or “Group”)’s Executive Director, Datuk Chu Boon Tiong, has acquired around 10% stake in Hong Kong-based renowned stockbroking, asset management and credit firm, Bluemount Financial Group Limited (“Bluemount” or “company”), in his personal capacity.  The investment coincides with Industronics’ interest in acquiring 10% stake in Bluemount, which was announced last year. The acquisition was delayed due to the rights issues for the acquisition.

Shareholders have approved the acquisition of up to 10% share in Bluemount. Another investment holding company, Tesla Technology Holdings Limited (“Tesla Technology”), has acquired a 26.08% stake in Bluemount. The acquisition comes with the condition that the company submit the application for listing on the London Stock Exchange’s Main Market by the end of this year.  Tesla Technology is registered at Cyberport, an innovative digital community in Hong Kong with over 1,800 start-ups and technology companies.

It is established as the hub for digital technology, focused on facilitating the growth of major technology trends, including fintech. Bluemount is eyeing the 1.5 billion population in Mainland China and will expand into the Europe market to tap into the potential of its 3.0 billion population. This is part of Bluemounts’ initiative to expand to become a global company as it taps into the opportunity outside of Asia. Expansion in the SEA region will focus on offering services such as asset management, fund management, initial public listing (“IPO”) and others. 

Expansion into Europe provides an opportunity for Bluemount to tap into the developed markets and offer cross-border opportunities for its clients globally. The listing submission to the London Stock Exchange’s Main Market by the end of this year will provide Bluemount with the opportunity to invest in its growth strategies,” Datuk Chu said.