Australia's Fatfish Group climbs on increase in stake in Smartfunding

Abelco Investment AB

22/04/2021 04:50

** Shares of Fatfish Group  FFG.AX  advance as much as 8.7%
to A$0.125
    ** Tech venture firm announces that Singapore Central Bank
(MAS) approved FFG to increase its stake in Buy-Now-Pay-Later
provider Smartfunding Pte Ltd, a licensed and regulated entity
 urn:newsml:reuters.com:*:nASX5Q77MZ
    ** Says co took up rights issue worth A$300,000
($232,620.00) in Smartfunding, increasing FFG direct stake from
19.9% to 39.95% in BNPL provider
    ** Says co's Swedish listed unit, Abelco Investment Group
AB(Abelco), took up rights issue worth A$200,000 that resulted
in stake of 49.4% in Smartfunding
    ** Co says combined with Abelco's stake, Fatfish holds a
total of 89.4% stake in Smartfunding, directly and indirectly 
    ** Stock has risen more than three-fold this year, as of
last close
  
($1 = 1.2897 Australian dollars)

 (Reporting by Vasudha Kaukuntla in Bengaluru)
 ((Vasudha.Kaukuntla@thomsonreuters.com))