Fatfish Blockchain Limited (ASX: FFG) is a worldwide tech venture investment & development company. The company creates partnerships with entrepreneurs to create building tech ventures for the regional and global market. It helps and supports the entrepreneurs to succeed and grow through funding, who has an internet-based business model potential for growth, have the capability to be a market leader, a passionate founding team and a product sample which is at least near its completion stage. The company operates through two divisions Direct Ventures Division and Digital Incubator Division across Australia, Malaysia, and Singapore. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]
The company has announced to have entered into a sale and purchase agreement to dispose of its stake in Altairian Capital Holdings Limited to Diginex Limited. Diginex is a global financial service providing company. It is into the business of providing digital asset financial solutions to the institutional clients.
Altairian Capital Holdings is into the blockchain business focussing on fund management and institutional custodian solutions. The company is based out of London. Fatfish made an acquisition in Altairian Capital for US$250,000 which is a 12.5% stake, in February 2018. Under the divestment plan, Fatfish will sell its 12.5% stake in Altairian Capital. The total cash consideration value, however, remains at a cost which is US$250,000. The transaction may take place within the next couple of weeks, and the company will receive the cash consideration within ten business days from the date of completion of the transaction. Following this news, the share price of the company decreased by 5.556% on December 18, 2018.
The CEO of Fatfish, Kin W. Lau has stated that the management of Altairian Capital has a lot of expertise to execute its vision and strategy in the financial services industry. Fatfish had a wonderful experience working with them. The decision of divestment of their stake to a strategic global player will ensure the growth of the business going forward. The company strategically divested its minority stake.
The Company takes the decision to divest its stake in Altairian Capital it represents a divestment of the non-core assets of the company. This decision of disinvestment will allow the company to focus more on the core areas of business that they would like to focus on, and their consumer internet businesses as well. The company may use the proceeds from this divestment to reinvest in building more shareholder value, by concentrating on the core focus technology sectors.
Fatfish noted the risks related to the Cryptocurrency business which includes high risk due to its highly speculative nature, currently volatile prices and having regulatory issues across multiple jurisdictions. In many countries, these cryptocurrencies are subject to anti-money laundering and under the legislation of counter-terrorism funding.
In the last six months, the share price of FFG decreased by 43.75 percent as on 17 December 2018. FFG’s shares traded at $0.017 with a market capitalization of circa $10.16 million as on 18 September 2018 (AEST 2:04 PM).
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.