RC365 Holding PLC - London-based provider of remittance and payment services in east and south east Asia - Sells Hong Kong incorporated subsidiary RCPay Ltd for HK$400,000, about £40,860, in cash. RC365 says it will continue to provide the same services, including foreign exchange and payment card offerings, via its UK incorporated RCPay Ltd subsidiary. ‘The divestiture of RCPAY HK provides an opportunity to realise value from the restructuring of the RCPay business while not impacting the group’s ability to continue to service its customers and execute on its partnership agreements,’ says Chief Executive Officer Michael Law.
The disposal comes as RC365 says its pretax loss narrowed to HK$7.4 million, about £755,670, in the six months that ended September 30 from HK$34.9 million a year before. Revenue slips to HK$6.1 million from HK$6.8 million, but fair value loss on financial assets narrows to HK$527,008 from HK$31.9 million. Law notes the first half of financial 2025 saw RC365 continue to roll out its card programmes in Japan, a key target market for the company. RC365 also receives a money lenders licence in Hong Kong, as it pushes into virtual banking.
Current stock price: 1.33 pence, down 8.3% in London on Monday
12-month change: down 89%
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