1st Nov 2016 08:41
LONDON (Alliance News) - Tungsten Corp PLC, an electronic invoicing, analytics and financing company, on Tuesday said the sale of its bank business is "well advanced", despite failing to complete by its target of the end of October.
Tungsten agreed to sell its banking unit in December 2015 for GBP30.0 million to an unidentified buyer. This left Tungsten focused on its e-invoicing and analytics functions.
Tungsten said in September it expected the sale to complete by the end of October and on Tuesday said the process is now "well advanced", with the final regulatory approvals being secured and the planned separation of the bank from the rest of Tungsten nearly done.
It said it would provide a further update on the sale when the regulatory approvals are secured and the agreement can complete.
Shares in Tungsten were down 0.9% to 58.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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