10:41 AM EDT, 09/11/2024 (MT Newswires) -- IClick Interactive Asia Group ( ICLK ) agreed to sell its demand side marketing solutions business in China to SiAct for 1 million renminbi ($140,500).

The divestment aligns with the plan to scale down "lower-margin and higher-risk businesses" in marketing solutions, iClick said Wednesday in a statement.

IClick agreed to repay $35 million of outstanding principal for loans extended by three banks to the disposed business within six months.

IClick also will provide a loan of 20 million renminbi to the divested business for a term of six months to support business during a transition period.

The deal is subject to approval by iClick shareholders.

Shares of the company rose 5.8% in recent trading Wednesday

Price: 2.96, Change: +0.16, Percent Change: +5.80