Alliance Financial Services Limited, has suspended it’s Initial Public Offering, indefinitely.
The company issued an additional notice on Thursday, indicating that the company’s initial public offering will remain suspended and the closing date extended until further notice.
The cambio and remittance service provider, which had offered for sale over one-point-two-billion ordinary shares at 1- dollar – 59 cents per share, in December initially put off the opening of the offer for January 28, 2021.
Just last month, the directors explained that subsequent to the publication of the prospectus, Directors of the selling shareholders were made aware of a matter relating to a separate entity in which they are connected parties.
The prospectus, it was noted, had been previously registered with the Financial Services Commission.
Alliance had targeted listing on the Main Market of the Jamaica Stock Exchange via the IPO, proceeds of which they would have used for expansion.
The company hoped to raise in the region of two-billion dollars.
In the management discussion and analysis section of the prospectus, Alliance revealed that it was in discussions with several entities to expand its sub-agent network locations.
The Company also noted also noted it continues to look for other opportunities in the remittance space as it is currently examining the possibility of partnering with other international remittance companies.
