16th Jan 2019 11:38
LONDON (Alliance News) - TechFinancials Inc said Wednesday it has agreed to sell its holdings in subsidiary MarketFinancials Ltd to Proverial Ltd for EUR100,000.
MarketFinancials, regulated by the Seychelles Financial Services Authority, was the provider of market maker services and risk management to another TechFinancials subsidiary, BO Tradefinancials.
MarketFinancials only source of income in 2018 was the provision of these services to BO Tradefinancials. However, BO Tradefinancials ceased operations in May 2018.
At June 30, MarketFinancials had net assets of about USD88,600. In 2017, the unit made a net profit of about USD45,600.
Chief Executive Officer Asaf Lahav said: "We sought to dispose of the company's holding in MarketFinancials as we view these operations as being non-core to operations following the decision to step away from business to consumer operations in Europe."
"The company continues operating and serving businesses in the Asian market where the majority of revenue is generated. We are pleased to have now reached a solution and intend to reinvest the sale proceeds into building Techfinancials' new offering within the blockchain trading sector."
Shares in the financial technology company were flat Wednesday at 4.90 pence each.
Related Shares:
TECH.L