His case was considered a milestone for #MeToo, in which women accused hundreds in entertainment, media, politics and other fields of sexual misconduct
The consortium of Prism Group AG and Abu Dhabi’s Royal Strategic Partners (RSP) has appointed independent investment bank, Moelis & Company, to advise on the restructuring and transformation of the Finablr and its subsidiaries, the global payment solutions group it agreed to acquire in December 2020.
Prism formed a consortium with RSP to complete the purchase of the group at the end of last year - since when the consortium and Finablr have been working in conjunction with regulators and stakeholders to conclude the formalities of the acquisition. In addition, the consortium has been funding urgent working capital needs to stabilise the business and to preserve value and is seeking to restart operations and develop a business plan for the group going forward.
The acquisition will enable acquisitions to restart and secure the future of the group, which is a major provider of cross border financial services in the United Arab Emirates. The products it offers include currency exchange and remittance solutions services to more than 25 million customers and over 1,500 corporate partners in more than 45 countries.
Moelis & Company is one of the world’s leading independent investment banks, with a market-leading position in the Middle East and North Africa. It will advise the Consortium’s SPV Global Fintech Investment Holdings (GFIH) on developing a capital structure proposal to be presented to the group’s financial creditors in the coming weeks.
Moelis & Company has advised a succession of leading international companies on corporate restructuring and transformation programmes in the UAE, where Finablr is based, and it has a strong and well-established global fintech practice. The appointment of Moelis & Company represents a significant milestone in the consortium’s plan to recapitalise the company on behalf of its customers, employees and stakeholders. It will lead to the swift re-opening of UAE Exchange, the Abu Dhabi-based remittance house, whose branches have been closed since March 2020, along with the group’s other leading products. They include global money transfer group Xpress Money and businesses in international markets including India.
Dr. Hamad Al-Ali, CEO of Royal Strategic Partners, said: “Together with our partners, we have continued to make tremendous progress over the past months with the leading global advisors assisting us on this deal. Our engagement of Moelis as our financial advisor is yet another testament to our commitment to reviving the business swiftly whilst keeping in mind the best interests of its lenders, customers and employees.”
Robert Miller, Finablr Group CEO, added: “I fully support the appointment of Moelis as we continue to work with our stakeholders to restore the financial stability of Finablr. I am thankful to the leadership of the UAE, its regulators, our creditors, and all our stakeholders."
business@khaleejtimes.com
His case was considered a milestone for #MeToo, in which women accused hundreds in entertainment, media, politics and other fields of sexual misconduct
Well-known communication expert Maha Abouelenein on what it takes to thrive in the age of social media
From cultural events, and culinary delights to outdoor adventures, here's a line-up of thrilling activities to make your weekend exciting
'The rom-com garnered $219 million worldwide after its premiere in December
The guitar will be auctioned on May 29 at the Hard Rock Cafe in New York
Fitness enthusiast Sarah Lindsay shares insights on what it takes to embark on a fitness journey and sustain it amidst a busy lifestyle
Such platforms help women to re-enter the workforce by equipping them with new-age skills, upskilling, polishing their interviewing skills and revamping their resumes
Official autism-friendly in-flight certification is in the works, possibly used by other airlines