Moneybase Holding Limited (MBH) is set to be amalgamated into parent company Calamatta Cuschieri Moneybase plc (CCM) in a bid to optimise its wider structure, the latter company announced on Wednesday.
This follows an announcement in April that CCM – then called CC Finance Group plc – plans to acquire all of the shareholding in its subsidiary MBH.
CCM is the holding company of financial planning firm Calamatta Cuschieri. It holds various investments through subsidiary companies, operating in investment services, capital markets, online trading, wealth and fund management, as well as fund administration.
In 2022, the group launched Moneybase, a mobile payment app that has been described as Malta’s first neobank.
MBH is the company that holds the intellectual property consisting in software used by the group and its subsidiaries.
The restructuring was first announced in 2022, with CCM seeking to make MBH a directly controlled and owned subsidiary of the company, before it is merged into CCM.
This decision was reconfirmed in a separate market update earlier this year, which also included news about CCM’s subsidiaries abroad. A number of steps for these moves have been completed, and regulatory approval has since been granted, allowing CCM to acquire 100 per cent of the issued and subscribed shares of MBH.
In its latest announcement, CCM stated that MBH will now be amalgamated into CCM through a merger by acquisition.
Once the proposed merger takes place, CCM, as the acquiring company, shall take over all of the assets, rights, liabilities and obligations of MBH, which, in turn, shall no longer exist.
CCM clarified that the merger “shall not have any effect on the rights of the company’s bondholders.” It will also not result in any change in composition of the shareholding and ownership of CCM.
“The company will continue to keep the market informed of developments in respect of the foregoing, specifically upon the aforementioned merger becoming effective in terms of law,” it added.
MBH’s gross assets have a book value of €7.2 million according to the financial statements of the company for the year ended 31st December 2023. MBH licenses the use of the assets to companies within the group through licensing agreements, which shall remain in force.
