Citigiro Holding AB to Bid on Intergiro’s Assets After Failed Negotiations

Negotiations with owners representing approximately 75% of Intergiro have unfortunately failed. All proposals from Citigiro Holding AB, which had aimed to save Intergiro from bankruptcy, have been rejected. It has also become clear that some of these owners have sold significant holdings to another party. This party does not appear to be engaged with the company’s existing problems but, in agreement with the sellers, seems focused on appropriating the company’s assets, potentially leading to negative consequences for other investors and creditors.

Given these circumstances, Citigiro has decided to accept the current situation and instead position itself to bid on Intergiro’s assets following a bankruptcy.

In parallel, Citigiro Holding AB intends to shortly begin the process of applying for its own license to issue electronic money. This step is a natural part of our long-term strategy to build a sustainable and regulatorily robust platform, independent of past ownership issues and fully focused on restoring the value inherent in the technology and expertise built up within Intergiro over the years.

“We look forward to taking an active role in creating a new structure that better serves customers, employees, and other stakeholders,” says Gunnar Axén, Chairman of the Board of Citigiro Holding AB.

Front Ventures is a partner in the investor consortium Citigiro Holding AB through a previously communicated divestment of shares in Intergiro Intl AB (Publ).

For more information, please contact:

Johan Lund
CEO
Front Ventures AB (publ)
070 – 55 653 54
johan.lund@frontventures.se

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