Abu Dhabi’s Finablr has a new buyer in Israel-based Prism

By Backend Office, Desk Reporter
Finablr
Representational Image

Finablr, the embattled foreign exchange and digital payment company, reported that it had received an offer from Prism Advance Solutions to purchase the entire stake of Finablr and its subsidiaries, marking the first major UAE-Israeli commercial transaction.

Finablr headquartered in Abu Dhabi said in its statement that, “After due consideration, the board has approved the offer and the company will proceed to negotiate a share purchase agreement with Prism documenting the terms of the transaction and seek shareholder and regulatory approval”.

Guy Rothschild, co-founder and director, Prism Advance Solutions stated, “We are delighted with the Finablr deal, representing it as the first major UAE-Israeli commercial transaction. We are very thankful to the UAE leadership and authorities who have been incredibly supportive of us”.

“We look forward to working closely with them in the revival of the company. We acknowledge that it’s going to be a challenging journey and that there would be difficulties along the way, but we are confident that with the support from all parties involved we will realize Finablr’s full potential. Finablr offers a huge opportunity in the digital payments space across multiple emerging markets and its assets and proprietary technology positions it for further global growth,” added Rothschild.

Abubaker Al Khoori, CEO, Royal Strategic Partners, welcoming the new foreign investors, said the agreement will also mark a new age for the UAE and is a testament to the UAE’s leadership vision of creating a sustainable free-market economy.

Bhairav Trivedi, Group CEO, Finablr said about the agreement, “I am excited to continue with Prism now under very challenging liquidity conditions exacerbated by the effect of the Coronavirus on our operations.”

Mr. Trivedi told that while finding a holistic clarification for the firm, his management crew did “a stellar job of focusing on our operations.”

And he further added that “Our employees have worked at reduced or zero pay for some months and this deal is only possible thanks to their hard work and sacrifice. We now enter a new chapter in the company’s history.”

Michael Tomalin, Finablr’s non-executive director, said the agreement with Prism provides Finablr with the optimum solution.

Prism’s proposal has three main factors that, subject to all legal consent being received, will see this transaction successfully accomplished within four weeks. These include the restructuring and resolution of the target and its subsidiaries’ debts, also the allocation of working capital for the target and its subsidiaries along with the restructuring of the target board and its subsidiaries by Prism.

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