KUALA LUMPUR: Industronics Bhd's executive director, Datuk Chu Boon Tiong, has acquired a 10% stake in Hong Kong-based stockbroking, asset management and credit firm, Bluemount Financial Group Ltd, in his personal capacity.

The investment coincides with Industronics' interest in acquiring a 10% stake in Bluemount, which was announced last year.

The acquisition was delayed due to the rights issue for the acquisition.

Industronics' shareholders have approved the acquisition of up to 10% stake in Bluemount.

Tesla Technology Holdings Ltd has also acquired a 26.08% stake in Bluemount.

The share acquisition by Tesla in Bluemount comes with the condition that the company submits the application for listing on the London Stock Exchange's Main Market by the end of this year.

Tesla Technology was registered at Cyberport, an innovative digital community in Hong Kong with over 1,800 start-ups and technology companies.

It was established as the hub for digital technology, focused on facilitating the growth of major technology trends, including fintech.

"This is an enormous opportunity to invest in a lucrative financial services company such as Bluemount. Together with Cyberpot Tesla, I am excited that the company will push forward to be a global player in the industry with the funds raised from its potential listing on the London Stock Exchange's Main Market by the end of this year," said Chu.

Chu will join the board of directors of Bluemount to spearhead the company's expansion in Southeast Asia.

Expansion in the Southeast Asian region will focus on offering services such as asset management, fund management, initial public listing and others.

Bluemount is valued at HK$250 million (RM150.9 million) with profits of HK$10 million in 2020 and HK$20 million in 2021.