31.07.2018
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DGAP-News: MyBucks S.A.: MyBucks Implements Focused Core Strategy and Presents CEO as First External Technology Services Client
DGAP-News: MyBucks S.A. / Key word(s): Change of Personnel
MyBucks S.A.: MyBucks Implements Focused Core Strategy and Presents CEO as
First External Technology Services Client
31.07.2018 / 17:18
The issuer is solely responsible for the content of this announcement.
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Corporate release
MyBucks Implements Focused Core Strategy and Presents CEO as First External
Technology Services Client
- MyBucks reaffirms strategy of focusing on financial institutions in
Africa, whilst deploying its technology globally through JVs, franchises and
services agreements
- Tim Nuy to step-down as CEO to focus on entrepreneurial activities in the
Asia-Pacific region, becoming MyBucks' first technology client
- MyBucks to dispose of 60% stake in its Australian business, and reduce its
direct shareholding to 25%, while scaling up Australia through acquisition
of Capfin Australia
Luxembourg, July 31, 2018 - Frankfurt-listed Fintech MyBucks S.A. ("MyBucks"
or the "Company") announced significant progress in its strategy of
operating world-class financial institutions in its Pan-African home market,
whilst deploying its technology outside Africa globally through JVs,
franchises and service agreements. After a stellar career serving on the
Executive Board, Chief Executive Officer Tim Nuy has decided to step down to
pursue an entrepreneurial opportunity derived from the strategy
implementation, and - in line with this strategy - will become MyBucks'
first technology client.
MyBucks continues to develop and expand its product offering, including
banking, microloans, and insurance, underpinned by a very strong inhouse
artificial intelligence ("AI") division. The AI and machine learning
capabilities of the Group cuts out much of the labor-intensive and
cost-restrictive obstacles to doing business in new or frontier markets.
MyBucks and Tim have agreed to jointly role out this technology in
Asia-Pacific.
Tim will leave the organization to start a venture in the Asia-Pacific
region in close partnership with MyBucks. MyBucks will act as technology
services provider, while retaining the option to obtain a minority stake in
all of the operating subsidiaries. In line with this strategy - MyBucks has
agreed to reduce its shareholding in FairGo Finance Pty Ltd ("FairGo") in
Australia from 85% to 25% in a transaction where Tim's Asian-Pacific venture
will acquire 60% of the equity in FairGo from MyBucks.
Simultaneously, FairGo itself has reached an agreement to acquire Spotco
Holdings Pty Ltd, the parent company of Australian consumer lending
business, Fundco Pty Ltd which trades as CapFin Money ("Capfin Australia")
for approximately EUR7million. The combined operations of FairGo and CapFin
Australia will create one of the five largest lenders in the Australian
market. The transaction will provide FairGo with scale and additional market
reach, whilst leveraging operational synergies. The Transaction will result
in FairGo doubling the size of its current loan portfolio.
Through these two transactions (with effective date 1 August 2018), MyBucks
will reduce its net carrying value of Australia from approximately EUR3.3
million to approximately EUR1.8 million whilst reducing its gearing ratio in
order to strengthen its balance sheet, to enhance its ability to raise debt
capital for its core African markets The transaction will be both net cash
and equity accretive to MyBucks. Following Tim's departure, Dave van
Niekerk, Founder and Executive Chairman, will maintain overall operational
responsibility, whilst MyBucks will initiate the search for a new CEO.
Dave van Niekerk, Executive Chairman, said: "We are saddened to see Tim
depart, however, we are very grateful for his contributions and leadership
to the business during his time with us. Tim was invaluable in the
development of MyBucks, particularly in terms of our Frankfurt listing, the
acquisitions of the banks and our successful refinancing earlier this year.
We are excited that Tim's entrepreneurial spirit leading to this new venture
will form the first successful implementation of our strategy to leverage
our technology outside of our core geography, Africa, adding to additional
revenue streams, without capital requirements."
Tim Nuy, Outgoing CEO, said: "It has been four exciting and successful years
with the MyBucks Group and. I look forward to stepping into an
entrepreneurial career while being MyBucks' first key client, utilizing its
cutting-edge technology."
ENDS
About MyBucks
MyBucks S.A. (WKN: A2AJLT, ISIN: LU1404975507, Ticker Symbol: MBC:GR) is a
FinTech company based in Luxembourg that delivers seamless financial
services through technology. Through its brands GetBucks; GetSure;
Opportunity Bank; GetBucks MicroFinance Bank; Fair Go Finance; and New
Finance Bank, the group offers banking solutions, impact loans; consumer
finance; and insurance products to customers. MyBucks has experienced
exponential growth since its inception in 2011 and today has operations in
eleven African countries and has recently launched a technology services
arm. . MyBucks ensures that its product offering is accessible, simple and
trustworthy when compared with traditional, non-technological methods, which
enhances customer experience, accessibility and promotes financial
inclusion. Discover more at http://MyBucks.com
Contact:
[email protected]
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31.07.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: MyBucks S.A.
14, rue Edward Steichen
L-2540 Luxembourg
Grand Duchy of Luxembourg
Phone: +352 2088 2123
Fax: +27 86 537 2010
E-mail: [email protected]
Internet: www.mybucks.com
ISIN: LU1404975507
WKN: A2AJLT
Listed: Regulated Unofficial Market in Frankfurt (Scale)
End of News DGAP News Service
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