Intermex jumps after initiating process to assess strategic initiatives

International Money Express

08/11/2024 20:23

** Shares of money remittance services company International
Money Express  IMXI.O , better known as Intermex, jump as much
as 15%; last up 14.1% at $21.1
    ** IMXI initiates process to assess strategic initiatives,
which could include a potential sale in a private transaction
    ** Board and management believe current market valuation
does not fully capture the company's performance - IMXI 
    ** FTP Securities hired as financial adviser by IMXI
    ** IMXI says no set timetable for board to review
alternatives, adding that there can be no assurance that the
exploration of strategic alternatives may result in any
transaction
    ** Meanwhile, Q3 revenue fell 0.3% to $171.9 mln, hit by
slowing of the overall remittance market growth in Latin America
    ** Q3 net income jumped 16.9% to $17.3 mln, thanks to lower
service charges from agents and banks
    ** As of last close, IMXI shares down 16.3% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))