LONDON: Fintech firm Amazing AI Plc (AQSE: AAI) said on Tuesday it would spin off 80.01% of its Mauritius-based subsidiary, which holds a digital asset treasury, to its existing shareholders as it looks to focus on its core online consumer loans business.
The disposal of Amazing AI Services Ltd, for nil consideration, will see AAI shareholders receive a direct stake in the subsidiary, which plans to become a “sophisticated and diversified digital asset treasury company” and list on the Mauritius Stock Exchange, the company said.
AAI will retain a 19.99% passive investment in the subsidiary.
The move comes as global stock exchanges tighten rules for companies with digital asset holdings. Amazing AI Services Ltd currently holds a “non-material” exposure to Bitcoin in the low four-figure U.S. dollar amount and has no other business, assets, or liabilities, AAI said.
“The Board believes it is in the best interests of all AAI shareholders to spin-off the digital asset treasury function,” the company said in a statement.
Shareholders on the register as of Nov. 27 will be allocated an 80.01% interest in the subsidiary on a pro-rata basis, with the disposal expected to become effective on Nov. 28.
Separately, AAI announced the immediate appointment of Guild Financial Advisory Limited as its Aquis Stock Exchange Corporate Adviser.
“We are delighted to welcome Guild Financial Advisory Limited as our new Aquis Corporate Adviser as we position the business for its next phase of growth,” said AAI CEO Paul Mathieson.