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Tenet Fintech to Sell its Stake in Chinese Financial Services Unit for CA$10.2 Million

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Tenet Fintech (PKK.CN) reached an agreement with two of the directors of its Asia Synergy Financial Capital (ASFC) unit to sell them its 51% ownership stake in ASFC for CA$10.2 million, it said in a statement on Tuesday.

The ASFC directors have up to six months to complete the total payment due to Tenet, failing which ownership of the shares will revert back to the company, it said. Proceeds will be used to expand its ability to gather SME data in China, other parts of Asia and North America to bolster its upcoming economic intelligence offerings.

Tenet also plans to use proceeds to continue to expand its supply-chain related services, and for general working capital needs.

Shares of the company were last seen unchanged at CA$0.19 on the Canadian Securities Exchange.

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Mining & Metals

Trans Canada Gold to Raise CA$1.5 Million in Private Placement of Units

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Mining & Metals

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Mining & Metals

Evertz Technologies' Q1 Net Earnings Fall, But Revenue Rises

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