SYDNEY: Credit Intelligence Ltd. (ASX: CI1) announced Wednesday that it has sold its entire 60% equity stake in its partly owned subsidiary, OneStep Information Technology Limited, to independent third-party investor Dominic Li for AUD1.
The disposal, completed on June 18, is expected to generate a gain of approximately AUD67,000, based on unaudited financial figures as of May 31, the company said. Credit Intelligence’s board emphasized that the transaction does not constitute a substantial asset sale and will have no material impact on the firm’s financial position.
The decision aligns with the company’s strategy to prioritize profitable ventures, as OneStep has been operating at a loss with a negative net asset value. The board is reviewing opportunities to expand existing operations, Credit Intelligence said.
The company also provided an update on the continued suspension of its shares, stating that it is evaluating its investments to determine steps needed for compliance with ASX Listing Rules 3.1 and 12.2.
The disposal was authorized by the board of directors and released by the company secretary.