21st Oct 2015 08:01
LONDON (Alliance News) - TechFinancials Ltd said Wednesday it has entered into a joint venture deal with the owners of Optionfortune Trade Ltd for a business-to-consumer binary options trading platform focused on the Asia Pacific region.
Shares in TechFinancials were up 42% at 14.95 pence Wednesday morning, one of the biggest gainers on AIM.
The joint venture is subject to shareholder approval at an extraordinary general meeting to be held in the next 30 days.
Under the terms of the deal TechFinancials will hold a 51% stake in the venture, whilst the owners of Optionfortune will have a 49% stake.
"The company is very pleased to establish this joint venture with the owners of Optionfortune. We believe this to be a significant transaction, and it is in keeping with our strategy stated at IPO, which is to grow our business into new territories and markets. The board believes that this JV will strengthen the long-term sustainability and consistency of our growth expectations while generating extra cash flow. Asian markets for binary options have considerable growth potential and we look forward to working with our new partners on this venture," said Chief Executive Officer Asaf Lahav in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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