Struggling UAE payments and foreign exchange company Finablr PLC, founded by Indian billionaire BR Shetty, has confirmed its delisting from the London Stock Exchange, where its shares had been suspended from trading.
The firm, rebranded as Wizz Financial following its acquisition by a financial consortium, said in a statement on Friday that the delisting will allow it to move ahead with its business strategy as it is no longer bound by the stock exchange rules.
“This decision facilitates Wizz Financial rapidly moving forward with its business strategy. It has been a long journey, in extremely challenging circumstances within a complicated regulatory environment and process with the FCA (Financial Conduct Authority) and then the courts,” said Wizz Financial Co-Founder and Group Chairman Amir Nagammy.
Switzerland-headquartered Prism Group AG and Abu Dhabi’s Royal Strategic Partners bought Finablr for a nominal $1 after it ran into financial difficulties. It was listed on the London Stock Exchange in 2019 in a deal that valued the company at $1.3 billion.
(Reporting by Brinda Darasha; editing by Daniel Luiz)