Globavend Holdings Limited Acquires 70% Equity Interest in Loomi Entertainment

Globavend Holdings Limited has entered into a definitive agreement to acquire 70% of the equity interests in Loomi Entertainment Group Limited for a nominal consideration of US$70. This acquisition marks Globavend's strategic expansion into the digital entertainment industry, diversifying its income streams beyond its existing e-commerce logistics services. Loomi Group operates in Southeast Asia, offering digital entertainment solutions through its mobile application "Loomi: Short Drama," which features multilingual micro dramas. The company also utilizes a proprietary AI-powered development platform called "Imaginary" for cinematic production. The transaction is expected to close by May 22, 2026. Upon closing, Loomi Group will become a non-wholly-owned subsidiary of Globavend, and its financial results will be consolidated into Globavend's financial statements. This move is driven by the growing trend of mobile-first consumption, AI in content creation, and short-form storytelling, particularly micro dramas.