Octagonal PLC Proposed New Business Initiative (3754Y)
March 02 2017 - 7:20AM
UK Regulatory
TIDMOCT
RNS Number : 3754Y
Octagonal PLC
02 March 2017
2 March 2017
Octagonal plc
("Octagonal" or the "Company")
Proposed New Business Initiative
Octagonal would like to announce that its wholly owned
subsidiary, Global Investment Strategy UK Ltd ("GIS"), has now
opened a new office in Hong Kong and intends to incorporate a
wholly owned Hong Kong based subsidiary for the purpose of applying
for regulatory approval from the Hong Kong SFC, to provide its
global custody and settlement services to customers based and
operating in the South East Asian region.
John Gunn, CEO comments:
"As a result of growing client enquiries and peer group
analysis, the Board has now established an office in Hong Kong and
will be preparing an application to the SFC for the appropriate
regulatory approvals to provide custody and settlement
services.
This new opportunity will allow GIS to provide a more
competitive offering to existing clients as well as develop new
revenue streams; we intend to develop coverage for larger family
offices in that time zone as well as global funds currently
under-resourced by their existing service providers. Over the
medium term, we also see this expansion as a conduit allowing us to
service Asian-based asset managers with an interest in our core UK
offering and we are evaluating the KYC implications of this as part
of our initial expansion.
We also believe that a regulated local presence in Hong Kong
will assist our UK Platform through identifying new technology
based efficiencies for our global clients.
We anticipate that the initial licensing process may take up to
six months and have retained a Hong Kong based consultancy to
project manage this expansion responsibly and cost effectively.
This consultancy has clear reporting duties and channels to our UK
team".
Grant Roberts, Octagonal PLC's Chairman comments: "Once again
GIS seeks to leverage off its operational capabilities and attract
new clients in one of the World's most dynamic and entrepreneurial
markets. The South East Asian markets offers an opportunity for GIS
to grow revenues and profitability with limited impact on operating
costs. We will update Shareholders further once the application
process is complete."
For further information please visit www.octagonalplc.com or
contact:
+44 (0) 20
Octagonal Plc 7048 9400
John Gunn, CEO
Beaumont Cornish Limited (Nominated
Adviser and Broker) +44 (0) 20
James Biddle / Roland Cornish 7628 3396
www.beaumontcornish.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCXLLFBDXFFBBK
(END) Dow Jones Newswires
March 02, 2017 08:20 ET (13:20 GMT)
Octagonal (LSE:OCT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Octagonal (LSE:OCT)
Historical Stock Chart
From Sep 2023 to Sep 2024