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TechFinancials won't proceed with sale of subsidiaries
Financial trading technology provider TechFinancials announced on Tuesday that it has decided not to progress with the proposed sale of its shareholdings in its non-core subsidiaries, BO TradeFinancials and MarketFinancials, to S. Win Holdings.
The AIM-traded company initially announced the possible sale on 24 November last year.
It said that, as of 31 January, the buyer had not secured the relevant regulatory consents for the acquisition of either BOT or MF and, under the terms of the share purchase agreement, TechFinancials had elected not to proceed with the sale of BOT and MF.
"TechFinancials is currently re-considering its options with regard to its shareholdings in BOT and MF and will make a further announcement in due course," the board said in its statement.
"In the meantime, TechFinancials will continue to focus its attention on developing its forex and CFD and other innovative solutions including solutions for the rapidly growing blockchain-based products and technologies market."