AIQ Limited is a cash-shell which was established on the Main Market in early 2018 to seek acquisition opportunities in the social commerce sector. BDO assisted AIQ in its acquisition of Alchemist Codes, a Malaysian IT solutions developer and the subsequent RTO.
Alchemist has two primary lines of business: an IT consultancy business, which engages in online app development for clients, and an e-commerce app, OCTAPLUS, which leverages proprietary data analytic tools, including artificial intelligence technology, for user targeting.
AIQ successfully completed its first acquisition with its reverse takeover of Malaysian-based Alchemist Codes. This is a transformational step for the Company and was achieved despite the global challenges currently being experienced. This is the second transaction we have completed with the BDO team and, once again, they were an integral part of helping us complete the deal. The BDO team were able to use their extensive capital markets’ experience to ensure the process ran to a tight timeline. I would like once again to thank everyone at BDO for all their work on our acquisition and re-admission.
Graham Duncan, AIQ Chairman
We’re delighted to have assisted AIQ on their reverse takeover of Alchemist Codes, and it is a great achievement to have closed the deal given wider market conditions. We look forward to working with the AIQ team again in the future and to continue to support the Group as its business expands.
Marty Lau, BDO Partner