The Board of Directors of MFG Invest AD decided to fully write down its investments in Koa Technology Inc. (through participation in Andon Okapi Holdings Fund LLC) and Forge Interactive OOD, with UIC 206302000. The write-down will be reflected in the MFG Invest AD financial statements as of December 31, 2024.
KOA Technology Inc. is an American company that was developing its business in Kenya. The company’s product is a payment application aimed at business clients. In 2024, the company failed to raise financing and had to minimize its expenses. Negotiations for its acquisition have been underway for the past few months, but the deal was not completed and the company initiated a liquidation procedure.
Forge Interactive organized a reality show aimed at the gaming community. In early 2024, The first season of the show was held, which achieved significant success. The company’s team was in negotiations to organize a large gaming tournament in Sofia but was unable to obtain the necessary approvals and conclude partnership agreements, which is why the project ended in failure. The team will actively seek opportunities to sell/license the developed own software, as well as the accumulated know-how in the field of gaming tournaments and reality formats. MFG Invest does not exclude the possibility that the investment will be returned, but at the moment we believe that the prospects are rather negative.