Transaction Solutions International - Capital Raising and Corporate Update
Transaction Solutions International $TSN announced that it is in discussions to acquire the remaining 75.11% equity in TSI India from its private equity JV partner. As such, the Company is pursuing a capital raising to fund working capital activities as well as the potential acquisition.
Transaction Solutions International Limited ("TSN") is pleased to advise the following corporate update.
TSN is pursuing a capital raising to fund working capital requirements and activities required to progress a potential opportunity to acquire the balance of equity in TSI India from its majority shareholder. This opportunity is currently in negotiation and no conclusions can be drawn at this time.
TSN and its subsidiaries hold a 24.89% equity interest in TSI India. TSI India's current business model is based on the provision and management of ATMs and bill payment solutions to major Indian banks and utility companies, with approximately 14,000 ATMs under management.
In addition to this existing network, on the 28th June 2016, TSN announced a Letter of Intent with SREI Infrastructure Finance Corporation, for providing a comprehensive ATM outsourced platform solution, which if executed as planned, has the potential to add a further 9,000 ATMs on a cost plus model, post the initial pilot phase of 50 ATMs.
TSN looks forward to keeping shareholders informed of any material developments.