TROOPS Subsidiary To Acquire 49% Stake In Y Concept Holding, Stock Up

(RTTNews) - TROOPS, Inc. (TROO), Wednesday announced that its subsidiary, Giant Connection Limited, has entered into a Letter of Intent with Jupiter Stone Holding Limited to acquire a 49 percent equity interest in Y Concept Holding Limited, the Hong Kong parent company of The Cara Hotel.

As per the deal, Giant Connection Limited will acquire 49 percent of Jupiter Stone Holding Limited's 62.5 percent ownership in Y Concept Holding Limited.

The acquisition is expected to diversify TROOPS' investments and capitalize on the robust growth in Asia's flexible living and working space sector.

The company will settle the transaction through convertible notes issued by TROOPS.

Currently, TROO is trading at $0.96, up 3.22 percent on the Nasdaq.