Finablr PLC (LON:FIN), the fraud-hit UAE-based fintech group, has agreed to a takeover offer from Prism Advance Solutions Limited.
The former Travelex owner and former FTSE 250 constituent has had its shares suspended since March when it drew up plans for insolvency after acknowledging it had been embroiled in a possible US$100mln fraud by former directors.
Finablr said on Tuesday that it would seek shareholder and regulatory approval after Prism Advance Solutions, which is based in London according to Companies House, has offered to buy 100% of the company’s share capital and its subsidiaries.
Prism Advance Solutions describes itself as a "unique international platform dedicated to provide the most advanced innovative technology and software solutions available today" and "strives to create and be part of the future success journey of the Arabian Gulf region’s leading entrepreneurs".
The offer could be completed within four weeks, the UAE company said, as Prism plans to restructure and settle Finablr’s debts, provide working capital the subsidiaries and restructure the management teams.
Prism co-founder and director, Guy Rothschild, said: “We are delighted with the Finablr deal, representing as it is the first major UAE-Israeli commercial transaction.
“We are very thankful to the UAE leadership and authorities who have been incredibly supportive of us. We look forward to working closely with them in the revival of the company. We acknowledge that it's going to be a challenging journey and that there would be difficulties along the way, but we are confident that with the support from all parties involved we will realize Finablr's full potential."
Finablr boss Bhairav Trivedi said the company’s employees “have worked at reduced or zero pay for some months and this deal is only possible thanks to their hard work and sacrifice”.
His Excellency Abubaker Al Khoori, of the Abu Dhabi Capital Group family office, said: “I believe this will bring stability to Finablr that has been battling in crisis as well as confidence among clients, regulators, and creditors.”
He said the deal will “mark a new era for the UAE”.