TOKYO — Entertainment content group Wedge Holdings will receive ¥600 million ($5.2 million) on Sept. 28 from Asukano Holdings, the Tokyo-based member of the Thai investment group APF Holdings, which will take a 49% stake in Wedge.
Asukano will thus become the lead shareholder, as Hyosung ITX, a Korean IT company that has been Wedge’s lead shareholder since February, falls to second place.
An integrated entertainment company whose interests include the production of animation, music, card games and mobile content, as well as rights and talent management, Wedge recorded a $6.2 million net loss in the fiscal year ending in September, making it necessary to find a corporate angel.
Of the $5.2 million in new funds, Wedge plans to use $1.7 million to reduce interest-bearing debt and otherwise clean its financial house. With the remainder, it plans to produce original content and expand its content business.
Though now based in Thailand, APF Holding was founded in 1981 in Japan; it owns a 49% stake in Asukano, while the remaining 51% is in private hands.