The management of Sunway Network SA, a technology company listed on NewConnect and operating in the VR and AR sector, has scheduled an Extraordinary General Meeting of Shareholders for April 23, 2024. During the proceedings, the shareholders will decide on a share issue for the shareholders of Sunway Network Company Limited, headquartered in Hong Kong, in exchange for a 100% stake in its share capital. In this way, Sunway Network SA will execute the planned acquisition of the Hong Kong company and will be able to fully commence the implementation of the new development strategy. The value of the acquired company has been estimated at PLN 193 million.
Sunway Network Company Limited is currently successfully operating in the field of virtual and augmented reality (VR and AR) as well as 3D animation. It wants to introduce advanced AR and VR glasses under its own brand, which should be facilitated by the knowledge, experience, numerous contacts and an international customer base (China, USA, Poland) owned by the Hong Kong company. The company’s management hope that by combining these factors, they will be able to create effective solutions for the Polish military industry based on augmented reality technologies.
“We have taken another step towards the acquisition of Sunway Network Company Limited. This will be a key moment for us, as it is in this company that we find the knowledge, technology and all the know-how. We see many opportunities in the constantly developing market of virtual and augmented reality. Initially, we would like to focus on introducing AR glasses to the market, including in the military sector. We plan to present them as early as September of this year. The company will also engage in the sale of SunwayShot laser simulators in its current operational activity,” says Tomasz Hofman, Vice President of the Management Board of Sunway Network SA.
The planned increase in share capital is to be made through the issue of 16,000,000 ordinary bearer shares of series B, the value of which will be equal to the average listing price of the company’s shares from the period of 3 months preceding the day of the issue. These shares will be covered equally by the current shareholders of Sunway Network Company Limited.
“The valuation of Sunway Network Company Limited at PLN 193 million reflects recognition of the potential and value that lies behind the modern technology and know-how that the company has. Its acquisition will permit numerous synergies, creating even greater value for our shareholders. Our aim is not only to build a strong position in the VR and AR market, but also to create innovative solutions in the long term that will revolutionize the way people perceive technology and interact with the virtual world,” adds Tomasz Hofman.
