Tenet Fintech Sells 51% Stake in Chinese Subsidiary for CAD $10.2M

Tenet Fintech Group Inc., a provider of innovative analytics services, has reached an agreement to sell its 51% stake in its Chinese subsidiary, Asia Synergy Financial Capital (ASFC), for CAD $10.2 million. The deal, which is expected to be completed within six months, is part of Tenet’s strategy to focus its operations on gathering small and medium-sized enterprise (SME) data and facilitating supply-chain transactions through its Cubeler Business Hub and GoldRiver platforms.

According to the terms of the agreement, the two directors of ASFC, along with a company they control, will be responsible for paying the full amount within the next six months. If the payment is not completed by the deadline, Tenet will regain ownership of the shares. This transaction is consistent with Tenet’s previously announced plans to divest its interests in the Chinese commercial lending space and concentrate on other areas.

The sale of ASFC is expected to significantly contribute to Tenet’s cash position, providing the company with greater operating flexibility in both China and North America. The proceeds from the transaction will be used to expand Tenet’s ability to gather SME data in China, other parts of Asia, and North America. The company plans to use these funds to bolster its upcoming economic intelligence offerings and continue expanding its supply-chain related services.

In addition to the financial benefits, the sale of ASFC aligns with Tenet’s strategic focus on data-driven solutions. The company has also launched new corporate and Tenoris3 websites to better reflect its positioning as a data aggregator and the role that data plays in facilitating its various offerings.

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. The company’s subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies, and financial institutions. Through the Cubeler Business Hub, Tenet uses analytics and AI to create opportunities and facilitate B2B transactions among its members.

The company’s Chief Operating Officer, Mayco Quiroz, stated, "This transaction is a significant step in our strategic plan to focus on gathering SME data and facilitating supply-chain transactions. We are confident that this move will enhance our ability to provide robust economic intelligence and support our growth in the global market."

The sale of ASFC is part of Tenet’s broader strategy to streamline its operations and concentrate on areas that align with its long-term vision. The company continues to explore opportunities to expand its data-driven services and support its clients in navigating the complex landscape of global commerce.