MIC Capital Partners – owned and managed by Mubadala Capital, a unit of Mubadala Investment Co – has acquired a 3.4 per cent stake in London-listed firm Finablr.
According to a spokesperson quoted by Reuters, “They have taken a stake, over the past several weeks, in Finablr, reaching a level of disclosure required by the regulators.”
The disclosure was made to the London Stock Exchange on Monday stating that MIC Capital Partners had taken a 3.4 per cent stake, without making a reference to Mudadala.
Finablr’s shares were suspended earlier with the company admitting that it might not be able to continue and that its chief executive would step down. This was followed by a statement in which the company announced that it has hired an accounting firm to oversee contingency planning in case of insolvency.
Finablr, founded by disgraced UAE-based billionaire BR Shetty, has been battling problems with its Travelex business, first because of a ransomware attack last year and now with the coronavirus crisis. Its sister concern NMC Health, also founded by Shetty, is already in deep financial crisis.
Finablr’s troubles come after problems at its Travelex business, which was hit by a ransomware attack late last year. The company is also facing disruption to its business from the coronavirus crisis.
Yesterday, UAE Exchange, also owned by Finablr, temporarily suspended all new dealings in its UAE branches.
