Also today, TechFinancials said trading at its historic business remains challenging, mainly because of tightening regulation. The company will be reporting revenues of roughly US$7.6 million for the year, about which it may report an operating loss.
At end-June 2018, MarketFinancials had net assets of approximately US$88,600 and was kept on the balance sheet of the group at nil carrying cost. For the year to December 31, 2017, it made a net gain of roughly US$45,600.
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In now ’s upgrade, TechFinancials states the selling of MarketFinancials is progressing however, stays conditional on the consent of the Seychelles Financial Services Authority. This acceptance is not yet been obtained and is required under the sale purchase agreement by June 30, 2019.
TechFinancials Inc (LON:TECH) hasn’t closed the purchase of subsidiary MarketFinancials Limited as the deal still needs to get regulatory approvals. This becomes clear from an LSE filing made now by the business.
The sale of this company’s subsidiary MarketFinancials Limited for a consideration of $100,000 has been initially declared at January 2019. MarketFinancials’ only source of earnings from 2018 was derived from the supply of market maker and risk management services to BOT and, as a result of the cessation of BOT’s activities, MF hasn’t traded since the conclusion of February 2018.