Fintec Ventures to acquire 75% stake in Zouk Club KL

Fintec Ventures, a fully-owned subsidiary of Fintec Global is acquiring a 75% interest in Zouk Club KL for approximately RM28.95 million. According to the Bursa filing, the proposed acquisition will broaden up Fintec's F&B investments and offer avenues for the group to establish commercial deals that may be beneficial to the other investments that it holds.

Fintec also intends to modernise the club. The filing added that the proposed acquisition will result in Fintec acquiring a "well-established, profitable, self-sustaining entity". Zouk is primarily involved in the business of operating discotheques, live entertainment and music shows, and the running of restaurants and fast-food outlets. It has two wholly-owned subsidiaries in the form of Zouk Cafe Bar and Zoukfest.

Zouk previously worked with Lion & Lion for digital media duties for ZoukOut in Singapore, Malaysia, Indonesia, Thailand and Australia. It also collaborated with PR agency THE CONFLUENCE to handle media strategy and outreach to Asia, North America and Australia for ZoukOut 2017.

Founded in 2007 as Asia Bioenergy Technology, Fintec Global's primary focus was to gather and link talents, technology, capital and industrial know-how to leverage on entrepreneurial talents and accelerate the developments of new start-up companies in the bioenergy sector.