Cordoba acquires 32.5% of the capital of Finox
KARACHI: The board of directors of Cordoba Logistics and Ventures (formerly Mian Textile Industries) has decided to acquire a 32.5% stake in Finox (Private) Limited at the purchase price of 31 million rupees, according to a file of the stock market.
Finox is an award-winning capital market technology company providing digital infrastructure solutions to financial institutions and investors.
The transaction is subject to the completion of all legal formalities, including the execution of the definitive agreement with Finox (Private) Limited.
Finox builds cutting-edge technologies in wealth management, robo-consulting, financial analysis and transaction execution by leveraging artificial intelligence and data science.
The company’s main products include “Investor Lounge”, Pakistan’s leading financial analysis terminal, and “Invest Pro”, a white label financial analysis solution.
“The transformation of Pakistani financial markets has started. The appetite for data and great customer service has never been higher. That’s why we add new partners every month who want to work on building an advantage, ”Finox noted on its website.
Financial technology or “fintech” has taken center stage in discussions of innovation in business models, particularly for commercial banks and the investment management industry. Big data, artificial intelligence and blockchain are gaining acceptability in the global financial fraternity.
Analysts believe that data and analysis, especially in the financial services area, will form the basis of prudent investment decisions.
This transition has already happened in developed markets and it is high time for Pakistan’s financial institutions to develop a data-driven approach to investing.
For the first three quarters of the year, Mian Textile was in the process of being acquired by a new management / sponsor. The management of the current Cordoba Logistics and Ventures has confirmed all necessary board approval to inject 200 million rupees into the company for its working capital needs and operations in accordance with the new line of business. main investment in logistics and other business enterprises.
In addition, Cordoba has also undertaken the first commercial activity in its new line of business by acquiring a stake in Trukker (Pvt) Ltd, a technology logistics company, while other projects and investments are already underway.
The company also intends to carry out a capital increase to increase the capital during the financial year 2021/22 in order to further expand its operations, improve its profitability and; thus create value for its shareholders.
For the fiscal year ended June 30, 2021, the company recorded a net loss of 5.48 million rupees, resulting in earnings per share (EPS) of 24 paisas.