March 21, 2017 / 4:16 PM / 6 months ago

BRIEF-MINT CORP ANNOUNCES ACQUISITION OF A UAE FINANCIAL COMPANY

March 21 (Reuters) - Mint Corp

* THE MINT CORPORATION: ACQUISITION OF A UAE FINANCIAL COMPANY

* HAS ADVANCED USD $5.45 MILLION AS A DEPOSIT TO SECURE RIGHT TO ACQUIRE UAE CENTRAL BANK LICENSED FINANCIAL COMPANY

* DEAL FOR $27.25 MILLION

* GFI AND GLOBAL BUSINESS SERVICES FOR MULTIMEDIA HAVE EACH AGREED TO PROVIDE USD $7.5 MILLION OF FUNDING TO ACQUIRE FINANCIAL COMPANY

* EXPECTS THAT ACQUISITION WILL FACILITATE LAUNCH OF A LENDING PROGRAM TO PAYROLL CARDHOLDERS

* ACQUISITION OF THE UAE FINANCIAL COMPANY WILL OCCUR THROUGH A HOLDING COMPANY FORMED IN UAE

* DIRECTORS OF THE FINANCIAL COMPANY HAVE STEPPED DOWN IN FAVOUR OF NOMINEES OF GFI AND GBS

* GBS AND GFI WILL EACH HOLD A 25% BENEFICIAL OWNERSHIP INTEREST IN THE HOLDING COMPANY FORMED IN THE UAE

* GFI OWNS ABOUT 76% OF OUTSTANDING COMMON SHARES OF MINT; GBS OWNS 49% BENEFICIAL INTEREST IN MINT GROUP

* HOLDING COMPANY AND FINANCIAL COMPANY WILL BOTH HAVE A BOARD OF 5 DIRECTORS, 3 OF WHOM TO BE APPOINTED BY GBS, 2 TO BE APPOINTED BY GFI Source text for Eikon: Further company coverage:

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