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TechFinancials terminates plan for diamond-based ETF
StockMarketWire.com
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Fintech software provider TechFinancials said its Cedex unit had decided to terminate plans to issue a diamond-based exchange-traded fund.
The company cited its financial status and 'the current atmosphere in the diamond and financial industries' for the move.
It comes after TechFinancials recently decided to terminate its brokerage services and Footsies ticketing business, which had been hit hard by the pandemic.
'The company is aiming to streamline its trading structure through the closure of all its subsidiary companies, which will assist in driving the company's running costs down,' it added.
'To further reduce running costs, all employment agreements will be terminated.'
Eitan Yanuv would continue to act as chairman, while chief executive Asaf Lahav's role would change to executive director.
'With the Company structure streamlined and costs reduced, the company aims to continue an investment strategy in the technology sector, as has already begun a review of potential opportunities in the sector,' TechFinancials said.
'The board believe that their combined strength and knowledge in the technology sector will serve the company well when deciding on potential investment opportunities.'
'The company intends to use a combination of cash and equity to acquire stakes in companies.'
'Further updates of investing activities will be made in due course.'
Story provided by StockMarketWire.com
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