Malaysia Venture Capital Management Bhd (MAVCAP) has invested RM5.5 million directly into Tricubes Bhd's subsidiary, Tam Tam Sdn Bhd.
Its Chairman, Datuk Dr Abdul Samad Haji Alias, said Tam Tam's business portfolio included providing a mobile software service called "Sales Force Automation Software" which catered for small-and-medium enterprises.
He said as the largest venture capital company in the country, MAVCAP would remain steadfast in its commitment to catalyse the development of Malaysia's venture capital industry and spur the growth of information, communication and technology companies.
Earlier in a filing to Bursa Malaysia, Tricubes Bhd said MAVCAP had invested in Tam Tam by subscribing to 400,000 Redeemable Convertible Preference Shares (RCPS) of 10 sen each, with a premium of RM13.65 each, for RM5.5 million.
The RCPS shall be subscribed in two tranches of 254,546 RCPS and 145,454 RCPS for RM3.5 million and RM2 million, respectively. -- Bernama
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