• Company going forward will focus its efforts as a global holding company for automotive parts manufacturing entities that it has recently acquired and intends to make further acquisitions in this sector
What Token Communities does
Token Communities Ltd (OTC:TKCM) is an advisory firm that specialises in advising and incubating companies in the blockchain and distributed ledger technologies arena, including smart contracts and token generation events.
The firm’s services include the authoring of industry standard White Papers, technical aspects, design and implementation of market strategies and business appraisals.
Acquisition and change of direction
On 31 March 2019, Token Communities acquired ABT Automotive Investments Limited, which holds 50.01 % of Sakthi Global Auto Holdings Limited, a private company engaged in the automotive manufacturing sector.
The acquisition was completed via an all-stock purchase of the ABT shareholding in exchange for newly issued shares of TKCM, issued at US$1.00 per share in full satisfaction of the purchase consideration.
The founder and chairman of Sakthi Global, Steven Knight stepped down as chairman of Token Communities but would continue as Vice Chairman and as CEO of subsidiary Token Communities PLC, in Gibraltar.
Meanwhile, Manickam Mahalingam was been appointed as chairman of Token Communities Ltd effective immediately and Lalit Verma, CEO of Sakthi Global Auto, was appointed as the CEO of Token Communities Ltd.
Alex Lightman stepped down as CEO of Token Communities Ltd but will continue as CTO with the responsibility of developing the Artificial Intelligence, Robotics, and planned Ride Share business of the company.
With shares trading at around US$2.76 as of 26 July 2019, Token Communities has a market cap of US$823.5mln.