Fintech Asia Ltd said on Thursday that its annual loss has widened, as the company continues to remain delisted for its ongoing negotiations with InvesCore Financial Group Pte Ltd.
Fintech Asia is an investment company established to acquire businesses focused on improving the delivery and use of financial services in Asia. Its pretax loss widened by 23% for the six months ended June 30 to £1.6 million from £1.3 million, whilst its total income fell to £2,343 from £6,840.
It is currently in the process of a reverse takeover with InvesCore Financial Group Pte, a group of companies with its primary operations in the micro-finance sector offering loans and investment products to businesses and individuals, primarily in Asia. As a result, Fintech Asia has been temporarily suspended from its listing on the London Stock Exchange since March 2023.
In April this year, Fintech obtained an unsecured committed facility of £2 million through a series C convertible loan note instrument. The first two tranches were made available in May and June, with an interest rate fixed at 5% per annum.
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