REG - RC365 Holding PLC - Divestiture of RCPAY HK

RC365 HoldingAnnouncement

25/11/2024 07:00

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RNS Number : 4867N  RC365 Holding PLC  25 November 2024

25 November 2024

 

RC365 Holding plc

("RC365", the "Company" or the "Group")

 

Divestiture of RCPAY HK

 

RC365 Holding plc (LSE: RCGH), an established payment solutions and fintech
company, is pleased to announce the divestiture of its Hong Kong incorporated
RCPAY Limited subsidiary ("RCPAY HK") for a cash consideration of HK$400,000.

 

The Group will continue to provide remittance and payment services, including
foreign exchange and payment card solutions, via its RCPAY Limited subsidiary
that is incorporated in the UK ("RCPAY UK"), supported by services provided by
other Group entities. Accordingly, the divestiture of RCPAY HK provides an
opportunity to realise value from the restructuring of the RCPAY business
while not impacting the Group's ability to continue to service its customers
and execute on its partnership agreements.

 

Chi Kit (Michael) LAW, Chief Executive Officer of RC365, said: "We are pleased
to have completed this cash-generative transaction. Through our UK licence, we
can continue to provide our customers with the same payment services and, with
RCPAY UK along with our other Group entities, the divestiture of RCPAY HK will
have no impact on our ability to deliver our growth strategy."

 

For further information please contact:

 

 RC365 Holding plc
 Chi Kit LAW, Chief Executive Officer              T: +852 2251 1621

                                                   E: ir@rc365plc.com (mailto:ir@rc365plc.com)

 Guild Financial Advisory Limited - Financial Adviser
 Ross Andrews                                      T: +44 (0)7973 839767

                                                   E: ross.andrews@guildfin.co.uk

 Evangeline Klaassen                               T: +44 (0)7972 841276

                                                   E: evangeline.klaassen@guild.co.uk

 Gracechurch Group - Financial PR
 Harry Chathli, Claire Norbury, Heather Armstrong  T: +44 (0)204 582 3500

                                                   E: rc365@gracechurchpr.com

 

About RC365 Holding plc

 

RC365 Holding plc (LSE: RCGH) is an established payment solutions and fintech
company. It operates primarily in East and Southeast Asia through its core
subsidiaries of Regal Crown Technology and RCPAY, and the recently-established
RC365 Solutions.

 

For over 10 years, the Company has delivered efficient and secure payment
gateway solutions and IT support and development services for payment and
financial systems, including ERP solutions. In 2021, it commenced providing
digital remittance and payment services, which expanded to include foreign
exchange and premium card solutions. These services are provided to
multinational merchants, SMEs and individuals. RC365 intends to expand into
the virtual banking market and geographically, including in the UK and wider
Europe.

 

For more information, visit: https://www.rc365plc.com
(https://www.rc365plc.com)

 

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