AUS
NZ
UK
CA
USA
IND
.jpg)
Highlights
- FCA, the financial regulator has said that payment firm Finablr can’t delist in London without a shareholder vote.
- After being bought by a Middle Eastern consortium, the company was rebranded as WizzFinancial a few months ago.
- Finablr’s shares have been suspended since March 2020.
On 16 December, the Financial Conduct Authority (FCA), the financial regulator of Britain has said that without a vote by the company’s shareholders, payments firm Finablr can’t delist from the London Stock Exchange (LSE).
Finablr had applied to delist from the LSE under a rule which enabled the companies with a risky financial status to bypass a shareholder vote. However, according to the FCA, the company couldn’t meet the necessary conditions.
RELATED READ: Ryanair (LON:RYA): What you should do ahead of delisting?
© 2021 Kalkine Media®
Finablr and the rescue deal
Abu-Dhabi headquartered financial services company, Finablr, uses advanced proprietary technology to provide a global platform for payments and foreign exchange solutions to consumers and businesses worldwide. It aims to create an inclusive global financial network in this new era of digital payments.
Finablr has a substantial geographical footprint and offers its services in more than 170 countries, while it compiles various category-renowned financial services brands together. The brands of Finablr include UAE Exchange, Xpress Money, Unimoni, Remit2India, and Travelex, and so on. With a huge global customer base of over 25 million, along with more than 1,500 corporate and institutional partners, Finablr is a major player in the digital payments market.
After being bought by a Middle Eastern consortium, the company was rebranded as WizzFinancial a few months ago. The struggling payments company was then merged with a Bahraini firm which led to the creation of a large regional money transfer group. Recently the fintech company hired Anton Pasiechnikov as its new chief executive officer. Pasiechnikov was serving as the chief investment officer of Revolut, the digital banking app.
On 16 March 2020, when Finablr’s (LON: FIN) shares stopped trading on LSE, it was at GBX 11.03.
RELATED READ: How FCA’s new IPO rules can impact dual-class share structures on LSE
Bottomline
Finablr strives for the world to realise its true economic and financial potential and become a global leader in providing a payments platform and forex solutions. The troubled company has the right to oppose the FCA’s decision of not allowing it to delist from the LSE by referring it to an Upper Tribunal.
