RC365 Holding PLC on Thursday said that it has bought the entire issued share capital of Mr Meal Production Ltd, a company providing media and advertising services to Hong Kong companies.

The London-based company, which focuses on payment gateway solutions and IT support services, has paid HK$2.0 million, or £195,787.43, for Mr Meal.

HK$1.0 million in cash will be paid upon completion, followed by a further HK$1.0 million through the issue of 91,453 shares in RC365, representing 0.1% of its share capital. The consideration shares are contingent on the retention of key employees for a 12-month period.

Unaudited management accounts of Mr Meal for the year ended March 31, 2023, show revenue of HK$2.6 million, and profit before tax of HK$300,000. Mr Meal will continue to operate under its own brand.

‘The acquisition of Mr Meal represents another step in the company’s development. The Mr Meal team are highly experienced with a proven track record in delivering high quality 3D animation production services. We look forward to working with our new colleagues,’ said Chief Executive Officer Chi Kit Law.

RC365 Holding shares were trading 7.3% higher at 117.00 pence each in London on Thursday afternoon.

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