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- MICT Inc’s MICT board approved a $60 million capital injection to its subsidiary, Magpie Securities.
- Magpie developed and will operate MICT’s online stock trading platform from Hong Kong.
- The first $30 million transfer will be in the form of equity capital. The second $30 million transfer will be by intercompany subordinated loan subject to regulatory approval.
- The capital infusion will fund the trading business to support MICT’s growth plans and offer competitive margin and IPO funding to the customers.
- MICT operates through its subsidiaries, GFH Intermediate Holdings Ltd and Micronet Ltd.
- Price action: MICT shares traded higher by 1.82% at $2.38 in the market session on the last check Monday.
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