25 November 2024
RC365
Holding plc
("RC365",
the "Company" or the "Group")
Divestiture of RCPAY HK
RC365 Holding plc (LSE: RCGH), an
established payment solutions and fintech company, is pleased to
announce the divestiture of its Hong Kong incorporated RCPAY
Limited subsidiary ("RCPAY HK") for a cash consideration of
HK$400,000.
The Group will continue to
provide remittance and payment services, including
foreign exchange and payment card solutions, via its RCPAY Limited subsidiary that is incorporated in the UK ("RCPAY
UK"), supported by services provided by other Group entities.
Accordingly, the divestiture of RCPAY HK provides an opportunity to
realise value from the restructuring of the RCPAY business while
not impacting the Group's ability to continue to service its
customers and execute on its partnership
agreements.
Chi Kit (Michael) LAW, Chief Executive
Officer of RC365, said: "We are pleased to have
completed this cash-generative transaction. Through our UK licence,
we can continue to provide our customers with the same payment
services and, with RCPAY UK along with our other Group entities,
the divestiture of RCPAY HK will have no impact on our ability to
deliver our growth strategy."
For further information please
contact:
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RC365 Holding
plc
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Chi Kit LAW, Chief Executive Officer
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T: +852 2251 1621
E: ir@rc365plc.com
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Guild
Financial Advisory Limited - Financial Adviser
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Ross Andrews
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T: +44 (0)7973 839767
E: ross.andrews@guildfin.co.uk
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Evangeline Klaassen
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T: +44 (0)7972 841276
E:
evangeline.klaassen@guild.co.uk
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Gracechurch Group - Financial PR
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Harry Chathli, Claire Norbury,
Heather Armstrong
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T: +44 (0)204 582 3500
E: rc365@gracechurchpr.com
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About RC365
Holding plc
RC365 Holding plc (LSE: RCGH) is an established
payment solutions and fintech company. It operates primarily in
East and Southeast Asia through its core subsidiaries of Regal
Crown Technology and RCPAY, and the recently-established RC365
Solutions.
For over 10 years, the Company has
delivered efficient and secure payment gateway solutions and IT
support and development services for payment and financial systems,
including ERP solutions. In 2021, it commenced providing digital
remittance and payment services, which expanded to include foreign
exchange and premium card solutions. These services are provided to
multinational merchants, SMEs and individuals. RC365 intends to
expand into the virtual banking market and geographically,
including in the UK and wider Europe.
For more information, visit:
https://www.rc365plc.com