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Finablr sold to Israeli UAE consortium for $1: Report

Finablr sold to Israeli-UAE consortium for $1: Report

Finablr sold to Israeli-UAE consortium for $1: Report
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By CNBCTV18.com Dec 18, 2020 12:14:13 PM IST (Published)

Payments and foreign exchange solutions provider Finablr has announced the sale of its entire stake in subsidiary Finablr Limited, for a nominal initial consideration of $1, said a report.

Payments and foreign exchange solutions provider Finablr has announced the sale of its entire stake in subsidiary Finablr Limited, for a nominal initial consideration of $1, said a report.

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Finablr, on Thursday, said that it has entered into “a definitive agreement” with Global Fintech Investments Holding (GFIH), an affiliate of Prism Group of Israel, to sell the entire issued share capital of its wholly owned subsidiary Finablr Limited, for “a nominal initial consideration of $1,” reported Khaleej Times.
Prism Group has formed a consortium with Abu Dhabi's Royal Strategic Partners (RSP) in connection with the transaction.
Prism Group is linked to a former Israeli Prime Minister Ehud Olmert while RSP, which is headed by Abubaker Al Khoori, is affiliated with Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, the report said.
The transaction will constitute the sale by Finablr of its entire business and operations. “In return for the transfer of Finablr Limited to GFIH, in addition to the nominal initial consideration of $1 payable, GFIH will be providing working capital support to the cash-strapped Finablr to enable it to continue to operate and to support various stakeholders, including employees and creditors of the Target Group (Finablr Limited),” the payments platform group said in a filing on London Stock Exchange.
Olmert, Prime Minister of Israel from 2006 to 2009, is the non-executive chairman of Prism Advance Solutions, the London-registered company which was announced in October as a joint bidder with RSP for Finablr's assets, including its foreign exchange subsidiary, UAE Exchange, which are majority-owned by Indian entrepreneur BR Shetty, according to the Khaleej Times report.
As per the agreement terms, GFIH will also undertake to support and facilitate Finablr's continued efforts to recover funds from third parties in respect of possible historic wrongdoing within the group, it said.
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