Raffles Financial Group Ltd (TSE:RICH) has released an update.
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Raffles Financial Group Ltd (RFG) has successfully arranged the transfer of C$20 million worth of public-listed shares from a Hong Kong financial institution as a refund for a deposit held under a Solution As A Service (SaaS) Agreement in China. Due to foreign exchange controls, the transfer provides a resolution for repatriating funds, with RFG’s CEO holding the shares in trust until a brokerage account is established. These assets will subsequently be regarded as held-for-sale to support RFG’s business development.
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