Business
Purchase of remaining stake in its subsidiary
Purchase of remaining stake in its subsidiary.
About this update from R8 Capital Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8490D\n Mode Global Holdings PLC\n 02 November 2020\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.\n \n \n \n \n \n 02 November 2020\n \n \n MODE GLOBAL HOLDINGS PLC\n \n \n \n \n \n Mode purchases remaining stake in its payments subsidiary\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Mode has bought out the minority interest in operating subsidiary JGOO Limited (part of \"Mode for Business\") and its associated technology.\n \n \n · \n This consolidates Mode's business proposition and gives it full control of its associated partnerships with Tencent and Alipay. \n \n \n · \n The technology acquired will accelerate the group's strategic goal to build a modern financial services business that combines next-generation banking, payments, investment, loyalty and digital assets.\n \n \n \n \n \n \n \n \n Mode Global Holdings PLC (LSE:MODE), the LSE-listed Fintech Group, announced today that it has consolidated its position by completing the buy-out of the 45% minority interest in one of its operating subsidiaries - JGOO Limited (operating as part of Mode for Business) - from Pure NZ Gateway Ltd. The transaction includes the purchase of JGOO's technology and the rights associated to it. \n \n \n \n \n \n As part of its Mode for Business offering, Mode operates a payment processing, marketing and advertising business, for UK merchants aiming to access overseas markets such as China.\n The technology provides a payment gateway solution for UK merchants allowing them to accept payments from WeChat Pay and Alipay - the two largest payment platforms in the world. This supports Mode's vision of removing friction in the global payments market and enables UK merchants to engage with Chinese shoppers. \n \n \n \n \n \n Buying out Pure NZ Gateway consolidates Mode's business and value proposition. The purchase provides complete ownership of JGOO Limited and means the Mode Group will have full control of all of its operating subsidiaries as well as a direct relationship with its preferred partners, technology giants Tencent and Alipay. As p...