The consortium that agreed a deal in December to buy the UAE's foreign exchange and digital payments group Finablr has hired Alvarez & Marsal Middle East to advise on the company's restructuring and on future acquisitions.
Alvarez & Marsal has already provided Switzerland-based Prism Group and Royal Strategic Partners with an assessment of Finablr's current state and business planning advice.
It will also work on a turnaround programme to improve Finablr's operational performance and efficiency, including strengthening its management team, the consortium said in a statement on Tuesday.
Former Deloitte partner Robert Miller was appointed as Finablr's new chief executive in December.
“We are pleased to confirm that our initial due diligence on the acquisition of Finablr is complete and we are looking forward to winning regulatory approval for the deal so that we can stabilise the business and implement our ambitious expansion plans," Prism Group chief executive Amir Nagammy said.
"We are delighted to reappoint Alvarez & Marsal to assist with the restructuring of the company and bolster our efforts to appoint a management team that will deliver on the company’s potential”.
Finablr comprises a group of foreign exchange and digital payments companies such as UAE Exchange, Xpress Money and Unimoni that was previously owned by billionaire BR Shetty. The group floated on the London Stock Exchange in April 2019 in a deal that valued it at £1.23 billion ($1.7bn), but its shares were suspended in March last year after problems emerged at a number of Mr Shetty's companies, including the UAE's biggest private healthcare firm NMC Health, which was placed into administration last April.
The UAE Central Bank also moved in to undertake direct supervision of UAE Exchange while investigators who were called in to look at Finablr's books found previously unreported debts of $1bn in May last year, sparking a restructuring that led to its Travelex subsidiary being taken over by its lenders in July.
The consortium agreed to buy the remainder of the group in December for a nominal fee of $1, plus up to 25 per cent of any funds recovered from "third parties in respect of possible historic wrongdoing" up to a maximum of $190 million.
Alvarez & Marsal, which is handling NMC Health's ongoing administration, is "looking forward to extending our engagement with the consortium of Prism Group and Royal Strategic Partners and helping it to complete the proposed acquisition of Finablr", managing director Asad Ahmed said.
"The consortium has an exciting vision for the company and we will also be the leading advisers in connection with the due diligence process related to selected acquisitions that the consortium is planning to explore,” he added.
The bidders said last month that they were in advanced takeover talks with Bahrain's BFC Group Holdings, a remittance company whose brands include BFC Forex and BFC Payments. A deal would combine the two businesses, making it the biggest currency exchange group in the Middle East and North Africa with licences to operate in more than 30 countries, the consortium said. A deal is expected to be finalised during the current quarter.
The consortium also recently hired US-based Matrix International Financial Services as a compliance adviser in February and investment bank Moelis & Company in January.
"We have assembled an advisory team that is well-placed to help us realise our plan to build a major regional FinTech company, which will play a pivotal role in the regional economy,” Hamad Al-Ali, chief executive of Royal Strategic Partners, said
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
BUNDESLIGA FIXTURES
Saturday
Borussia Dortmund v Eintracht Frankfurt (5.30pm kick-off UAE)
Bayer Leverkusen v Schalke (5.30pm)
Wolfsburg v Cologne (5.30pm)
Mainz v Arminia Bielefeld (5.30pm)
Augsburg v Hoffenheim (5.30pm)
RB Leipzig v Bayern Munich (8.30pm)
Borussia Monchengladbach v Freiburg (10.30pm)
Sunday
VfB Stuttgart v Werder Bremen (5.30pm)
Union Berlin v Hertha Berlin (8pm)
Rebel%20Moon%20%E2%80%93%20Part%20Two%3A%20The%20Scargiver%20review%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zack%20Snyder%3Cbr%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Sofia%20Boutella%2C%20Charlie%20Hunnam%2C%20Ed%20Skrein%2C%20Sir%20Anthony%20Hopkins%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
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More from Rashmee Roshan Lall
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
