Riga, 2022-01-24 11:29 CET -- Frigate AS informs about the commencement of liquidation of two foreign subsidiaries - Frigate Pay UAB (Lithuania) and Frigate Pte. Ltd. (Singapore).
It was planned that the nature of the activities of both subsidiaries will be related to the provision of payment system services. Due to significant changes in the regulatory conditions in these countries in connection with the acquisition and maintenance of the necessary licenses to provide payment system services, incl. raising the limits, which would allow the company to provide such services with some regulatory relief, the provision of payment system services would be significantly more expensive. After analyzing the changes and assessing the efficiency and profitability of the business, Frigate AS decided not to continue the licensing process in Lithuania and Singapore and to liquidate its subsidiaries in these countries.
Frigate AS plans to complete the liquidation of its subsidiaries within six months.
The Board of Frigate AS
Frigate AS, founded in 2015 in Latvia, is an international group of companies currently active in Switzerland, Luxembourg, Singapore, Lithuania and Latvia, which provides services in various investing areas according to client’s needs. Frigate AS provides a wide range of services which give investors access to securities - investment advice, portfolio management, executing orders for clients, structured products for different kinds of clients, documentary maintenance of investment operations and helping companies raise funds on capital markets. Frigate AS staff has all the licenses required for the activity on securities market and has extensive experience in working with documentation and cooperation with regulatory authorities. The company’s specialists are certified by the regulatory authorities in the field of preventing money laundering. For more information, visit: www.frigate.eu.
Frigate AS shares are admitted to trading on Nasdaq Baltic First North Market.
The Certified Adviser for Frigate AS is AS Nexia Audit Advice.
Address: Vaļņu Street 19-1D, Riga, LV-1050, Latvia
Contact person: Armands Bušs, partner
Phone: +371 29512246
AS Nexia Audit Advice
Contact person: Olga Molčanova
Phone: +371 67333228