Payments firm Finablr is in sale talks with Israeli company Prism Advance Solutions, the company confirmed on Tuesday.
Finablr, which has been in talks to find fresh funding for months, said the offer from the company has a number of key benefits, according to a statement to the London Stock Exchange, where the company's share used to trade. It will lead to a restructuring and settlement of all of the company's outstanding debts, a restructuring of its board and its subsidiary companies and it will provide necessary working capital. It will also look to complete a deal within a month.
"After months of hard work under very trying liquidity conditions compounded by the impact of the coronavirus on our operations, I am excited to now go forward with Prism," Bhairav Trivedi, chief executive of Finablr, said.
Finablr did not provide any details about the size of the bid.
"We are delighted with the Finablr deal, representing as it is the first major UAE-Israeli commercial transaction," Guy Rothschild, co-founder and director of Prism Advance Solutions, said. "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."
Finablr owns a number of foreign exchange and digital payments companies including UAE Exchange, Xpress Money, Unimoni, Remit2India and Bayan Pay. It also previously owned the Travelex foreign exchange business, but that was taken over by its lenders in a separate restructuring exercise in July.
The company floated on the London Stock Exchange in May last year in a deal that valued the business at £1.23 billion ($1.5bn), but has faced a number of challenges this year that began with a cyberattack on Travelex, leading it to close down some of its UK operations over the New Year period. It also faced liquidity issues, which led the UAE Central Bank to step in and oversee operations at its UAE Exchange business in March. Its shares were suspended from trading in the same month.
In May, Finablr reported that its debt was $1bn higher than the $334.1m previously reported in its accounts. It appointed law firm Skadden Arps Slate Meagher & Flom to "investigate historic potential malfeasance within the Finablr Group and any misappropriation of assets" in July.
The group'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", he added.
Prism's offer allows for the rebuilding of a "strong global remittance and digital payment platform headquartered in Abu Dhabi", Abubaker Al Khoori, chief executive of Royal Strategic Partners, said.
"I believe this will bring stability to Finablr that has been battling in crisis as well as confidence among clients, regulators, and creditors."
UAE currency: the story behind the money in your pockets
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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Director: Kaouther Ben Hania
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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UAE currency: the story behind the money in your pockets
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
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Women’s Coach of the Year
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Sri Lanka v England
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England won by 211
Second Test, at Kandy
England won by 57 runs
Third Test, at Colombo
From Nov 23-27
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Sanju
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SQUADS
South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi
Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed
Fixtures
Oct 26: Bloemfontein
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MATCH INFO
Barcelona 5 (Lenglet 2', Vidal 29', Messi 34', 75', Suarez 77')
Valladolid 1 (Kiko 15')
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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