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Alliance Financial suspends $2 billion IPO - Regulators probe matter concerning related company

Peter Chin Alliance Financial Services Limited has announced the suspension of its initial public offering, IPO, in order to allow regulators to assess a matter pertaining to a separate company held by its principals. “The matter has nothing to do with Alliance Financial Services at all,” Peter Chin, Alliance Financial’s co-founder, president and CEO, told the Financial Gleaner on Monday. “I cannot give further details because it is before the regulators. They have to do their process,” Chin said. The prospectus for the IPO was published on December 21, 2020, subsequent to its successful registration with the Financial Services Commission, the company said.

Alliance Financial Services IPO Suspended

5:01 pm, Mon December 28, 2020 Alliance Financial Services s Initial Public Offering (IPO) which should have opened today, has been suspended.       Alliance Financial says after the publication of the Prospectus on December 21, the Directors of the Selling Shareholders were made aware of a matter relating to a separate entity in which there are connected parties.   It says the selling shareholders have deemed it prudent to suspend the IPO offer but anticipate that the matter will be resolved shortly.     

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