MyBucks will delist from the Frankfurt Stock Exchange as it sells some of its assets across the African markets.
JSE-listed investment firm Afristrat, MyBucks’s controlling shareholder, shareholders voted to delist from the Frankfurt Stock Exchange at a general meeting on 12 February 2021.
“As a result, the company will commence the process of delisting from the Frankfurt Stock Exchange,” read the statement.
“Therefore, the Board will submit a notice of termination to Deutsche Börse AG (“DBAG”) today.”
Afristrat further said: “The company further stated: It must be assumed that the Frankfurt Stock Exchange will cease trading the shares immediately following the expiry of the notice period. As a result of this, the company anticipates that the other stock exchanges on which the Shares are traded will also cease trading the shares.”
MyBucks also said the Bank of Mozambique approved the disposal of MyBucks stake in MyBucks Banking Corporation (MBC) registered in Mozambique.
The company is disposing of its 96.5% stake in MBC to Xtenda Financial Holdings Limited.
“The proceeds of approximately EUR 11.3 million (R199 million) will be fully applied to the settlement of third parties,” said MyBucks.
The company is entangled in a legal battle to dispose of its asset in Zambia.
MyBucks experienced exponential growth since its inception in 2011 and today has operations in nine African and two European countries. In June 2016, MyBucks became the first African focused FinTech company to be listed in Germany and started trading on the Frankfurt Stock Exchange.
The African FinTech firm was founded by South African-born Dave van Niekerk, through its brands GetBucks, GetBanked and GetSure offers unsecured consumer loans, banking solutions as well as insurance products to customers.
Also Read: MyBucks Probe Fingers Executives at VSS South Africa As Empire ‘Crumbles’
executives at South Africa’s VSS Financial Services (VSS), a wholly-owned subsidiary of Frankfurt-listed Fintech and African banking group MyBucks, are in hot water after a probe fingered them into financial irregularities
MyBucks instituted a forensic investigation into dealings of VSS, which is now in the process of liquidation.
The company said it has recently received the forensic report from Kahamelo Forensic Services.
“The findings justify, in the opinion of the Board, that MyBucks should, together with other affected parties and stakeholders, consolidate their resources to bring justice to bear and to seek rectification from those individuals that the report clearly identifies as having prejudiced VSS and its stakeholders,” the FinTech firm informed investors on Friday.
“MyBucks believes that certain former directors and executives, as well as certain service providers, should answer for the clear lack of corporate governance, as well as financial mismanagement, accounting irregularities and failure to act in the best interests of the company and its stakeholders.”
MyBucks’s controlling shareholder, Afristrat Investment Holdings Limited, has agreed to collaborate in the process.