Cordoba to acquire 32.5% stake in Finox
KARACHI: The Board of Cordoba Logistics and Ventures (formerly Mian Textile Industries) has decided to acquire a 32.5 per cent stake in Finox (Private) Limited at a purchase price of Rs31 million, a bourse filing said.
Finox is an award-winning capital market technology firm that provides digital infrastructure solutions for financial institutions and investors.
The deal is subject to the completion of all legal formalities, including execution of definitive agreement with Finox (Private) Limited.
Finox builds cutting-edge wealth management, robo-advisory, financial analytics and trade execution technology by leveraging artificial intelligence and data science.
Leading products of the firm include ‘Investor Lounge’, Pakistan’s leading financial analytics terminal and ‘Invest Pro’, a white label financial analytics solution.
“The transformation of Pakistan’s financial markets has begun. The appetite for data and excellent client servicing has never been higher. This is why each month we are adding new partners who want to work on building an advantage,”Finox noted on its website.
The financial technology or ‘Fintech’ has taken the centre stage in discussions on business model innovation, especially for commercial banks and the investment management industry. Big data, artificial intelligence and blockchain are gaining acceptability in the global financial fraternity.
Analysts believe data and analytics, especially in the realm of the financial services, will form the foundation for prudent investing decisions.
This transition had already arrived in the developed markets and it is high-time for the financial institutions in Pakistan to develop a data-driven approach towards investing.
For the first three quarters of the fiscal year, Mian Textile was in the process of acquisition by a new management/sponsor. The management of the now Cordoba Logistics and Ventures has confirmed all necessary approval of the board to inject Rs200 million in the company for its working capital requirements and operations in line with the new principal line of business of investments in logistics and other business ventures.
Further, Cordoba has also undertaken the first commercial activity under its new line of business by acquiring an equity stake in Trukker (Pvt) Ltd, a tech-enabled logistics company, while other projects and investments are already in the pipeline.
The company also intends to do a rights issue to raise the capital in FY 2021/22 to further expand its operations, improve profitability and; thus, create value for its shareholders.
For the year ended June 30, 2021, the company posted a net loss of Rs5.48 million, translating into the earnings per share (EPS) of 24 paisas.
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