Mr. Vikas Ranjan reports
GRAVITAS SIGNS NON-BINDING LETTER OF INTENT REGARDING SALE OF ITS SECURITIES IN THE MINT CORPORATION
Further to the news release issued on May 28, 2019, announcing the entering into of an accommodation agreement and related sale and investment solicitation process (SISP), Gravitas Financial Inc. has entered into a non-binding letter of intent with Global Business Services for Multimedia (GBS) and Mobile Telecom Group LLC (MTG), which sets out the key terms pursuant to which the buyers will acquire Gravitas's shares of The Mint Corp. as well as Gravitas's interest in certain outstanding loans and other indebtedness. GBS currently owns a 49-per-cent interest in Mint Middle East Ltd. (formerly Mint Middle East LLC) and Mint Gateway for Electronic Payment Services LLC, subsidiaries of Mint and indirect subsidiaries of Gravitas.
The completion of the proposed transaction is subject to the negotiation and execution of definitive agreements, which the parties expect to be completed by the end of this month. In addition, the closing of the proposed transaction will be contingent on a number of conditions precedent, including, but not limited to: (i) receipt of all requisite corporate, shareholder and regulatory approvals, and (ii) another securityholder of Mint agreeing to the sale of certain securities, including interests in debentures, of Mint. Further details relating to the proposed transaction will be announced upon the execution of the definitive agreement. Gravitas intends to seek shareholder approval of the proposed transaction at a special meeting of its shareholders to be held on Oct. 16, 2019.
In connection with the SISP, Gravitas continues to consider the sales of other businesses and property, and has, or may enter into, other non-binding letters of intent. Gravitas will provide further information when, and if, definitive agreements regarding such sales are executed.
About Global Business Services for Multimedia
GBS describes itself as one of the leading, dynamic and progressive technology-oriented business groups in the Middle East for the past 25 years. GBS was established in Abu Dhabi with subsidiaries in other Gulf Cooperation Counsel countries and Egypt. GBS was founded to invest and to manage entities in telecommunications, financial services, broadcasting, film and audiovisual production, and event management.
About Gravitas Financial Inc.
Gravitas Financial is a platform company that creates businesses in key traditional and emerging sectors with strong industry partners. Its industry focus includes financial services and fintech. The company leverages its unique platform to develop a continuous pipeline of new ventures with significant blue-sky potential. Its platform is complemented by strong investment research and digital investment media groups.
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