Midas AI Sells Stake in DMD Technology, Operator of Malaysian Ride-Sharing Platform

[Asia Economy Reporter Hyunseok Yoo] Midas AI announced on the 6th that it will sell all its shares in its affiliate DMD Technology SDN BHD. to Dacsee International.

Midas AI will dispose of 19,500 shares (19.5% stake) of DMD Technology to Dacsee International. The DMD Technology shares were valued at 3 billion KRW.

Dacsee International will provide 16,800 shares (16.8%) of Blue Synergy Corp in the U.S. as collateral until the transfer contract is completed. Blue Synergy has Atlantic Goldwin Corporation, which operates a cannabis cultivation business in the U.S., as its subsidiary.

Last year, Midas AI acquired shares in Malaysia's DMD Technology to promote a vehicle-sharing business. DMD Technology operates Dacsee, a ride-sharing platform in Malaysia.

A Midas AI official stated, "We acquired the shares at the time to diversify our business, but due to the spread of COVID-19 locally and intensified competition, we judged that further investment was difficult," adding, "We plan to focus the company's capabilities through restructuring to prepare new growth engines."

Meanwhile, Midas AI, which suffered turmoil due to a management rights dispute this year, is undergoing intensive restructuring. It is organizing and streamlining non-core businesses.

This content was produced with the assistance of AI translation services.