MyBucks To Delist From Frankfurt Bourse And Selling Assets
The company is entangled in a legal battle to dispose of its asset in Zambia.
Frankfurt Stock Exchange as it sells some of its assets across the African markets.
JSE-listed investment firm Afristrat, MyBucks’s controlling shareholder, shareholders voted to delist from the Frankfurt Stock Exchange at a general meeting on 12 February 2021.
“As a result, the company will commence the process of delisting from the Frankfurt Stock Exchange,” read the statement.
“Therefore, the Board will submit a notice of termination to Deutsche Börse AG (“DBAG”) today.”
Afristrat further said: “The company further stated: It must be assumed that the Frankfurt Stock Exchange will cease trading the shares immediately following the expiry of the notice period. As a result of this, the company anticipates that the other stock exchanges on which the Shares are traded will also cease trading the shares.”
South Africa’s VSS Financial Services (VSS), a wholly-owned subsidiary of
Frankfurt-listed Fintech and African banking group MyBucks, are in hot water after a probe fingered them into
financial irregularities
MyBucks instituted a forensic investigation into dealings of VSS, which is now in the process of liquidation.
The company said it has recently received the forensic report from
“The findings justify, in the opinion of the Board, that MyBucks should, together with other affected parties and stakeholders, consolidate their resources to bring justice to bear and to seek rectification from those individuals that the report clearly identifies as having prejudiced VSS and its stakeholders,” the FinTech firm informed investors on Friday.