Manx Financial (GB:MFX) has released an update.
Manx Financial Group PLC has completed its acquisition of the remaining 49.9% stake in Payment Assist Limited for £5 million, now holding 100% ownership. This strategic move, anticipated to save the Group up to £4 million by avoiding future dividend payments to former shareholders, aligns with Manx Financial’s growth strategy in niche markets and aims to make better use of the company’s liquidity. The deal, which also sees a change in Payment Assist’s board composition, underscores the company’s commitment to expanding its financial services amidst uncertain economic conditions.
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