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Raffles Financial Group ( (TSE:RICH) ) has shared an update.
Raffles Financial Group has executed an asset swap in which it exchanged its entire holding of 575,000 Tencent Holdings ordinary shares for mesenchymal stromal cell inventory valued at approximately RMB 339 million (about SGD 62 million), generating an estimated gain of RMB 29 million for the current financial period. The move is designed to shift the company’s asset base from listed securities to operating inventory, reducing the risk of being classified as an investment company under U.S. regulations and thereby supporting its plans to resume trading on the Canadian Securities Exchange and re-list on the OTCQX in the United States, while also overcoming logistical hurdles it faced in liquidating the Tencent position via a China-based brokerage account.
More about Raffles Financial Group
Raffles Financial Group Limited is a Hong Kong-based financial services company listed on the Canadian Securities Exchange, focusing on corporate finance and trade finance solutions through subsidiaries such as Raffles FinTech Limited. The company has historically maintained a concentrated investment portfolio, with its holdings in Tencent shares previously accounting for nearly all of its total assets and net asset value.
Technical Sentiment Signal: Sell
Current Market Cap: C$142.7M
See more insights into RICH stock on TipRanks’ Stock Analysis page.