Playstack enters into Letter of Intent for sale of Interact platform

TruFin is pleased to announce that its subsidiary Playstack Limited (“Playstack”), the leading UK games publisher, has entered into a Letter of Intent to sell IP and assets (the “Disposal Assets”) of its augmented reality and gamification AdTech platform “Interact” to VCI Global Limited (“VCIG”) (the “Disposal”). 

Nasdaq-listed VCIG is a leading multi-disciplinary consulting group with key business and technology advisory practices, headquartered in Malaysia.

There can be no certainty as to the completion of the Disposal and whilst transaction terms are to be confirmed, any cash consideration is not expected to be significant in the context of the wider Company. TruFin will provide further updates as appropriate. The Disposal Assets are held at zero value on the Company’s balance sheet.

As previously announced, Playstack is now focused on its technology-led games publishing business. This proposed transaction will give Playstack additional resources to support its burgeoning publishing pipeline, while allowing Interact to flourish within VCIG’s synergistic environment.