ICFG Limited, the result of a reverse takeover through Fintech Asia (LSE:FINA), has now begun its first day of dealings.
The listed company now holds operations in financial services, investment banking, AI and IT services, and real estate development and management – saw its shares priced at 60p in London.
It has a headcount in excess of 527 employees across Singapore, Mongolia, Kyrgyzstan, Kazakhstan, and Uzbekistan.
“We believe that the acquisition of ICFG provides a compelling value opportunity for the company, with strong potential from ICFG's focus on the microfinance sector employing advanced information technology solutions to offer a competitive advantage and a scalable business model,” chief executive Oliver Fox said in a statement, announcing the RTO in January.
“ICFG's overarching goal is to improve the quality of life in emerging economies by providing access to innovative financial solutions and to bridge the financial gap between developed and emerging markets, creating value for its shareholders.”
He added: “I believe that ICFG is a very exciting business that can deliver significant value for shareholders, existing and new."
Fintech Asia is being relaunched as ICFG and, as of 13 February, the London-listed shares will trade under the ticker ‘ICFG’.
The RTO transaction included the issue of 177 million new shares priced at 64p, increasing the number of shares in issue to around 204 million and, prior to dealings in London, gave it a market capitalisation of £130.53 million.
In London, this morning the shares were priced at 60p.