Globavend Acquires 70% Equity in Loomi Entertainment for $70
Globavend announced that it has entered into a definitive agreement with Zenith Green to acquire 70% of the equity interests in Loomi Entertainment for the nominal consideration of $70. Subject to customary closing conditions, the transaction is expected to close on or before May 22. Upon closing of the transaction, Loomi Entertainment will become a non-wholly-owned subsidiary of the company and the financial results, assets and liabilities of Loomi Group, which include an existing interest-free shareholder loan of approximately $550,000 due and owing to the Vendor, will be consolidated into the company's consolidated financial statements. Integration planning is currently underway, and the company intends to provide further updates following the closing of the transaction.
