Currenc Group Inc. (CURR), a fintech company, Friday announced that its subsidiary Seamless Group Inc., has executed a definitive share purchase agreement to divest its 60 percent controlling stake in Tranglo Sdn. Bhd. to New Margin Holding Limited.
The divestment represents a foundational step in Currencs plan to monetize and spin off its existing operating businesses, allowing the Company to streamline its corporate structure and accelerate the realization of shareholder value, the company said in a statement.
As per the agreement, Currenc will divest 100,465 ordinary shares of Tranglo, a payment hub that enables secure and seamless international transactions for businesses and financial institutions, representing 60 percent of Tranglos total issued share capital, for a purchase price of $400 million, payable entirely in cash.
The consideration will be paid in two installments, with $200 million payable on the closing date and the remaining $200 million payable on or before the date that is ninety days after closing. The proceeds will be used to reduce company debt.
Currenc is pursuing a multi-step restructuring strategy that includes the separation and spin-off of its existing businesses, alongside a proposed reverse-merger framework with Animoca Brands. The divestment of Tranglo represents the first executed step in this process, demonstrating Currencs commitment to delivering on its strategic guidance, the company added.
In pre-market activity, CURR shares were trading at 1.71, down 4.46% on the Nasdaq.
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