LifeStar Holding plc’s subsidiary, GlobalCapital Financial Management Ltd has announced its reaching of a deal with a Malta-registered company to sell its retail investment services business.
Announcing the sale agreement as part of the Capital Markets Rules demanded by the Malta Financial Services Authority, LifeStar explained that the deal, with Cilia Formosa, comes as part of its strategy to discontinue providing investment services to retail clients.
As part of the strategy, the company will instead be focusing on providing investment services to professional clients and institutional investors.
The sale comes after the group had something of a turbulent 2020, registering a pre-tax loss of €1.1 million during the year.
The subsidiary led these losses, recording a €0.5 million loss before tax, compared to the €0.4 million lost before tax in key subsidiary LifeStar Insurance Ltd.
The group faced a major restructuring at the start of this year, changing its brand from GlobalCapital to LifeStar, with a rebrand projecting a new image.
Announcing the new strategy and brand in November 2020, the company’s Chairman Paolo Catalfamo explained that the company would be focusing on what it does best – insurance.