Future uncertain for BR Shetty's Finablr after shares suspended in London - Arabianbusiness:
Finablr, the owner of currency-exchange businesses including Travelex Holdings, said on Monday that the Financial Conduct Authority of London Stock Exchange has agreed to the temporary suspension of listing of its shares at the request of the company.
The move follows an announcement last week in which the company, founded by Dubai-based billionaire BR Shetty, said a number of factors were placing significant constraints on its access to the daily liquidity it needs to manage its business effectively and its ability to negotiate longer term financing.
"Since that announcement, these constraints have become amplified and have now reached a point where they are having a material adverse impact on the company's operations, including resulting in the company no longer being able to provide certain payment processing services," said a statement posted on the website of the London Stock Exchange.
The board said it is unable accurately to assess the financial position of the company and there is a "material uncertainty" about the group's ability to continue as a going concern.
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