SINGAPORE - Zico Holdings has sold an 80 per cent stake in its online small-and-medium enterprises platform to independent director Chew Liong Kim for RM80 (S$26).

The disposal of the stake in ShakeUp Online Sdn Bhd was made to strengthen the company's balance sheet by reducing exposure to the loss-making business, said Zico, a provider of professional services for businesses in South-east Asia.

The consideration of the transfer was satisfied in cash.

Mr Chew has also been appointed as a director of ShakeUp.