Ensogo shuts down Asean businesses
Ensogo, an ecommerce operator listed in Australia, is shutting down businesses in Asean, according to a report by Tech in Asia.
“Ensogo Australia […] will no longer provide financial support to its subsidiary Southeast Asian flash sales and marketplace business units. These business units will be shut down. All staff have been informed and communications will be made to customers in the coming days," the company said in a statement sent to Tech in Asia. “This decisions have been made to preserve the company’s cash for new investment opportunities,” Ensogo continued.
The company yesterday asked Australian Securities Exchange to suspend its share trading, pending "flash sales and marketplace businesses". In its filing to ASX, it said financial support to these businesses is withdrawn, likely to result in the shutting down of those subsidiaries.
It also said that the board approved the resignation of CEO Kris Marszalek, effective on June 20. He has been the CEO since August 2014.
On its website, Ensogo said it had 7.2 million subscribers in Asean and Hong Kong.