FastForward Innovations Limited (LON:FFWD) has announced a share exchange agreement to move its stake in Entertainment Direct Asia (EDA) to a new investee company.

Following shareholder approval, FastForward said, it has transferred its shares in EDA to social commerce platform firm Yooma Corp. for US$2.25 each, valuing EDA at US$390,000. Once completed, the AIM-listed firm will hold 7.88% of Yooma and its interest will be valued at US$61,500.

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FastForward’s chairman Lorne Abony will join the board of Yooma as a non-executive director.

“While it is disappointing that the Share Exchange is being undertaken at a significant discount to the carrying value of the company’s interest in EDA, we believe that Yooma, upon raising additional funds, will have the opportunity to build a position as a trusted e-commerce platform for consumers across China, and subsequently more widely across Asia,” Abony commented in a statement.

FastFofrward shares were up 17% to 7.30p late on Thursday afternoon.