24th Nov 2020 06:50
Kingswood Holdings Ltd - London-based wealth management business - Announces the purchase of a 50% interest in investment advisory and stock broking services provider Manhattan Harbor Capital for USD4.0 million. Says the acquisition is a "major milestone" in its US expansion strategy and provides a "robust and well-capitalised foundation to accelerate its US organic growth strategy". Rebrands Manhattan Harbor as Kingswood US. Plans to contribute up to USD8.0 million of additional growth equity before the end of 2022 to "further build US distribution channels". Says If all capital is approved, Kingswood is projected to own around 68% of Kingswood US once the capital has been deployed.
Current stock price: 29.78 pence
Year-to-date change: up 44%
By Greg Roxburgh; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Kingswood H.