It’s no secret that the current COVID-19 pandemic has put a considerable dent in businesses the world over. In the case of iflix, it’s gotten relatively bad enough that the Malaysian-based media streaming service is currently looking for someone to buy it out.
According to a report by Nikkei, iflix supposedly began looking for willing buyers after Patrick Grove and Luke Elliot, both co-founders of iflix, resigned from the company back in early April. Both Grove and Elliot’s departure come as the streaming service nears its 31 July deadline for an IPO. Failing which, shareholders holding approximately US$47.5 million (~RM202 million) in convertibles are able to force the company into repaying them.
Statistically, iflix reported a net loss of US$158.1 million (~RM675 million) back in 2018. In 2019, the company had negative working capital of US$77.7 million (~RM331 million). In that same year, it revealed that it had managed to raise capital from several multinational companies. Just so that it could remain solvent.
So far, iflix has reportedly found some potential buyers who are wiling to acquire it, with some of them allegedly hailing from China. Beyond that, little is known about these entities.
(Source: Nikkei)
