Ooredoo decides to sell stakes at Techfin to OFT

Ooredoo Maldives’ shareholders have decided to sell the shares the company holds in its subsidiary, Techfin Maldives Private Limited to OFT International LLC.

The decision was reached during an Extraordinary General Meeting held on Sunday, December 15^th.

According to Ooredoo Maldives. OFT International is a limited liability company incorporated in Qatar. Both Ooredoo Maldives and OFT International share the same ultimate beneficial owner: Ooredoo Q.P.S.C – Qatar.

As per Ooredoo Maldives, the company’s shareholders approved the sale and transfer of 1,500,000 (one million five hundred thousand) shares held by the company in Techfin to OFT International.

Ooredoo said OFT has extensive resources and experience in financial technology and thus, the transfer of shares will be the most beneficial course of action in the provision of Techfin's services.

Techfin was incorporated on May 16^th for the purpose of providing payment services. Maldives Monetary Authority (MMA) granted Payment Service Provider (PSP) license to the company on September 30^th. 

Ooredoo’s widely-used digital wallet, m-Faisaa, and its remittance services is now managed under Techfin.