Financial Technologies' wholly owned subsidiary - Financial Technologies Singapore (FTSPL) has sold 100% of its equity ownership in SMX (together with its wholly owned subsidiary SMX CC) to ICE Singapore Holdings, an entity owned by the Intercontinental Exchange Group, Inc. for $150 million. The transaction was approved by the board of directors of FTSPL and FTIL on November 18, 2013 with signing of definitive agreements and is subject to certain customary closing conditions and approvals.
FTIL will primarily utilize the amount towards repayment of outstanding debt towards External Commercial Borrowings (ECB) and Foreign Currency Loan (FCL) to Banks subject to regulatory approvals, if any, pursuant to which FTIL will become debt/lien-free.
Financial Technologies is a flagship company of the Financial Technologies Group. It provides technology solutions and domain expertise for digital transactions and financial markets across all asset class including equity, commodities, currency and debt.