Tenet Signs Agreement to Sell its Stake in Chinese Financial Services Subsidiary for CAD $10.2M
Tenet Fintech agrees to sell its 51% ASFC stake for CAD $10.2M on deferred terms, aiming to bolster cash and refocus on data-driven services.
Rhea-AI Summary
Tenet Fintech Group (PKKFF) agreed to sell its 51% ownership stake in Chinese financial services subsidiary Asia Synergy Financial Capital (ASFC) to two ASFC directors for CAD $10.2M.
Tenet currently holds its interest in ASFC through nominee shareholder agreements, under which the directors formally own the shares but hold them on Tenet’s behalf. The buyers have up to six months from the agreement date to pay the full CAD $10.2M, otherwise ownership of the shares reverts to Tenet. The sale aligns with Tenet’s plan to exit Chinese commercial lending and focus on SME data gathering and supply-chain transaction facilitation via its Cubeler Business Hub and GoldRiver platforms. The company states that proceeds are expected to strengthen cash resources and will be used to expand data-gathering in China, other parts of Asia and North America, support supply-chain services, and for working capital. No commission or finder’s fee was paid. Tenet also launched new corporate and Tenoris3 websites to reflect its data-focused positioning.
Positive
- ASFC stake sale price of CAD $10.2M, with no commission or finder’s fee
- Expected cash contribution from sale to increase operating flexibility in China and North America
- Transaction advances plan to exit Chinese commercial lending and focus on data and supply-chain services
Negative
- Buyer has up to 6 months to pay CAD $10.2M or shares revert to Tenet, delaying cash realization
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - September 15, 2026) - Tenet Fintech Group Inc. (CSE: PKK) (OTCID: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider, owner and operator of the Cubeler Business Hub, today announced that it has reached an agreement with two of the directors of the Company's Asia Synergy Financial Capital (ASFC) subsidiary to sell them the Company's
As disclosed in the Company's MD&A and financial statements, Tenet owns
According to the terms of the agreement between the parties, the ASFC directors have up to six months from the date of the signing of the agreement to complete the total payment amount of CAD
The sale of ASFC is consistent with Tenet's previously announced plans to focus and limit its Chinese operations on gathering SME data and facilitating supply-chain related transactions through the Company's Cubeler Business Hub and GoldRiver platforms. In addition to divesting the Company's interests in the Chinese commercial lending space, the sale of ASFC should make a significant contribution to the Company's cash position and give it more operating flexibility in both China and North America.
No commission or finder's fee was paid in relation to the transaction. The Company plans to use the proceeds of the transaction to expand its ability to gather SME data in China, other parts of Asia and North America to bolster its upcoming economic intelligence offerings; to continue to expand its supply-chain related services; and for general working capital purposes.
New Tenet and Tenoris3 Websites
The Company also announced the launch of its new corporate website at www.tenetfintech.com to better reflect the Company's positioning as a data aggregator and the role that data plays in helping facilitate all the Company's offerings, including its supply-chain service offerings. The new Tenet corporate website also links to the Company's new Tenoris3 website at www.tenoris3.com, which now better explains the vision behind the Company's data derived product offerings. The Company invites its shareholders to visit its new websites to gain a better understanding of the Company's business model and the vision driving its operations.
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions either through or by leveraging data gathered by the Cubeler Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: https://www.tenetfintech.com/.
For more information, please contact:
Tenet Fintech Group Inc.
Mayco Quiroz, Chief Operating Officer
514-340-7775 ext.: 510
investors@tenetfintech.com
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
cathy@chfir.com
Follow Tenet Fintech Group Inc. on social media:
X: @Tenet_Fintech
Facebook: @Tenet
LinkedIn: Tenet
YouTube: Tenet Fintech
Forward-looking information
Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of Tenet to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release are available in the "Risks and Uncertainties" section of Tenet's Management's Discussion and Analysis (MD&A) filed with Canadian securities regulators and available via the System for Electronic Document Analysis and Retrieval (SEDAR+) under Tenet's profile at www.sedarplus.ca. Readers are urged to carefully consider these risks and uncertainties and not to place undue reliance on forward-looking statements.
Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314330
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Who is buying Tenet Fintech’s 51% stake in ASFC and how is ownership currently structured?
The buyers are two directors of Asia Synergy Financial Capital and a company they control. They are already the registered holders of the ASFC shares, but they hold them under nominee shareholder agreements that stipulate they hold the shares on behalf of Tenet and that Tenet is entitled to all benefits associated with the shares. The agreed transaction would transfer Tenet’s 51% beneficial ownership to these directors for CAD $10.2M.
What happens if the ASFC directors do not pay the full CAD $10.2M within the agreed period?
The agreement gives the ASFC directors up to six months from the signing date to complete the total payment of CAD $10.2M due to Tenet. If they fail to make full payment within that period, ownership of the ASFC shares will revert back to Tenet Fintech Group.
How does the ASFC sale fit Tenet Fintech’s strategic focus in China and elsewhere?
The company states that selling ASFC is consistent with its plan to limit Chinese operations to gathering SME data and facilitating supply-chain related transactions via the Cubeler Business Hub and GoldRiver platforms. Proceeds are planned to be used to expand SME data-gathering capabilities in China, other parts of Asia and North America, to continue expanding supply-chain related services, and for general working capital.
What did Tenet Fintech announce regarding its websites?
Tenet launched a new corporate website at www.tenetfintech.com to better reflect its positioning as a data aggregator and to show how data underpins its offerings, including supply-chain services. The new site links to a new Tenoris3 website at www.tenoris3.com, which the company says better explains the vision behind its data-derived product offerings, and shareholders are invited to visit the sites to understand the business model and vision.