Catalist-listed Serial Achieva forges new IT JV with A-Speed Infotech

The joint venture will establish Achieva Tech, an info-tech company.

Catalist-listed Serial Achieva Limited (SAL) and A-Speed Infotech (ASP) have entered into a joint venture agreement (JVA) to establish a joint venture company in Singapore, Achieva Tech Allianz (Achieva Tech).

Achieva Tech will distribute IT products and peripherals, provide system integration services in Asia (excluding Singapore), and explore potential business synergies. The JV will also expand SAL’s portfolio in the AI space. 

SAL and ASP will contribute $110,000 and S$90,000, respectively, to Achieva Tech's issued and paid-up share capital, resulting in a 55% shareholding for SAL and 45% for ASP.

SAL’s contribution will be funded through the Group’s internal resources and is not expected to materially impact the company’s earnings per share or net tangible assets per share for FY2024.

The directors of Achieva Tech include Kenny Sim, SAL’s CEO; Jason Soh, SAL’s general manager; and Alan Wei Zhaolun, a controlling shareholder and managing director of ASP, who holds a 1.33% interest in SAL.

In addition, the JVA rules Alan Wei Zhaolun to be appointed as chairman of the board of directors of Achieva Tech.