TechFinancials exercises its option over Cedex Holdings Limited, says it is ready to sell its stake to a third party if the deal proves to be financially beneficial for the company.
TechFinancials has informed the market spectators that the Independent Non-Executive Director of the company, Eitan Yanuv, has been made the Non-Executive Chairman of the company in place of Chris Bell, with effect from April 1, 2020.
Having led the Audit Committee for over five years, Yanuv possesses vast knowledge and expertise regarding the company as well as its operations. Bell, on the other hand, has stepped down from his position after having served the company as Non-Executive Chairman since the IPO.
The Fintech Provider also announced that the Board of Directors of the company has decided to exercise its option over Cedex Holdings Limited, whereby it will now hold around 97.3 percent of the latter’s issued share capital, which on a fully diluted basis translates into 90.81 percent.
By virtue of this and several other investment strategies, the Board of Directors seeks to fully maximize its investment in Cedex Holdings, and properly commercialize its technological facilities. If it deems profitable, the company might even consider selling its stake in Cedex Holdings to a third party.