SINGAPORE - Catalist-listed Ayondo has completed the disposal of its entire stake in Ayondo Markets Limited (AML), the fintech firm announced on Thursday (June 6).
It added that all conditions precedent to the proposed disposal have been fulfilled and/or waived. Therefore, the disposal was completed on June 5, and AML will cease to be an indirect subsidiary of the company.
On May 8, Ayondo announced that it planned to sell AML for £5.7 million (S$10.2 million) to Netherlands-registered BUX Holdings, a white-label partner of the trading platform developer. Ayondo is seeking to reduce its liabilities through the sale.
The company has also faced intense scrutiny over its financial sustainability and corporate governance issues.
In April this year, the Singapore Exchange Regco had instructed Ayondo to put on hold its planned sale of AML, pending clarity over the group's financial situation, as well as AML's compliance with UK capital requirements.
Besides concerns over AML, the company also appears to be late with regulatory disclosures.
Ayondo's substantial shareholders include Luminor Capital, which holds a 19.85 per cent stake, and non-executive chairman Thomas Wrinkler, who owns 5.66 per cent of the company.
On May 28, Ayondo announced that Mr Winkler had transferred 1.2 million of his shares months earlier for an undisclosed sum to third parties, who were also existing Ayondo shareholders.
The counter has been suspended since Feb 1, and last traded at 4.8 cents, down 1.2 cents or 20 per cent.