MICT Board Ratifies $60M Capitalization in 2 Tranches for Magpie's Stock Trading Platform

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.