TruFin subsidiary Playstack considering sale of Interact

(Sharecast News) - TruFin announced on Tuesday that its UK game publishing subsidiary Playstack had entered into a letter of intent with VCI Global Limited to sell its augmented reality and gamification ad technology platform, Interact. The AIM-traded firm said VCIG, a Nasdaq-listed multi-disciplinary consulting group based in Malaysia, had shown interest in acquiring Interact's assets and intellectual property.

While completion of the transaction was not guaranteed, and specific terms were yet to be finalised, it was expected that any cash consideration involved would not substantially impact TruFin's overall financial position.

It noted that the disposal assets related to Interact currently carried zero value on TruFin's balance sheet.

"As previously announced, Playstack is now focused on its technology-led games publishing business," TruFin said in its statement.

"This proposed transaction will give Playstack additional resources to support its burgeoning publishing pipeline, while allowing Interact to flourish within VCIG's synergistic environment."

At 1322 GMT, shares in TruFin were down 0.88% at 56p.

Reporting by Josh White for Sharecast.com.