- Sealand Capital Galaxy has confirmed that it has entered into a non-legally binding memorandum of understanding with certain majority shareholders for the acquisition at least 51% of Rightyoo (Guangzhou Ruiyou Information Technologies).

The MOU isintended to record the preliminary mutual understanding between the parties and to serve as a platform for further negotiations in connection with the Proposed Acquisition.

Nelson Law, Chairman and CFO of Sealand, commented: "Our strategy is to grow through acquisition and organically, within the social media and mobile industries. This potential deal represents an excellent opportunity for us to build upon an instantly recognisable brand across APAC and beyond, which we believe will steer an increase in traffic to our social networking platforms, Metalk and SecureChannel.

"We continue to look for new investments and acquisitions with high growth potential and, within the next three years, we hope to have a portfolio of businesses that are individually profitable and when combined, may yield exponential growth results through the synergies of business."

At 1:18pm: [LON:SCGL] Sealand Capital Galaxy Limited Ord Shs Gbp0.0001 Each Di share price was +0.75p at 5.75p

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