Some might see it as a retreat, or perhaps a move to raise cash in troubled financial times. But medical big data specialist Yidu Tech Inc. (2158.HK) is calling its decision to sell part of its international operations a strategic move to assist in its overseas business expansion, according to a regulatory filing last week to the Hong Kong Stock Exchange.
The filing shows the company will sell 20% of EVYD Technology for $55 million to Yaqut, an investment holding company owned by the sovereign wealth fund of the oil-rich Southeast Asian nation of Brunei.
The deal “will help to further cement the purchaser’s support for the company’s international businesses to expand within Brunei and overseas”, the filing said.
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