21 May - 2 min read

Further Expansion In The USA – 15 Additional Store Locations In Michigan

Further Expansion In The USA – 15 Additional Store Locations In Michigan

Finbond Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2001/015761/06)
Share code: FGL ISIN: ZAE00013895
(“Finbond” or “the Company” or “the Group”)


Shareholders are advised that Finbond has entered into an agreement to acquire 100% of the
membership interest in Instant Cash Advance Corporation (“Instant Cash”), subject to various
conditions precedent.

Instant Cash has 15 physical location in the state of Michigan, thereby expanding Finbond’s footprint
in the state to 19 stores. Unaudited financials show that the company reported 2019 EBITDA at R12.25
million and receivables of R22.4 million were reported in March 2020.

Instant Cash is Michigan’s premier provider of cash advances and short-term loans with cash advances
of up to $600 (R8 400). Their short-term loans provide short-term financial assistance without a long-
term obligation.

Instant Cash’s store locations include Alpena, Caro, Clare, Grand Rapids, East Tawas, Gladwin, Holland,
Lansing, Oscoda, Saginaw, Taylor, West Branch, Westland and Wyoming. This will be in addition to the
four stores Finbond already has in Detroit.

Michigan’s population in 2021 is estimated to be 10.2 million and it is the tenth most populous state
in the USA. Michigan’s GDP was $536,888,000,000 in 2019 compared to South Africa’s GDP of $358
000 000 000. This represents 2.50% of US GDP, making Michigan the 14th largest state economy in
the nation in 2019.

Economists predict Michigan’s economy should improve rapidly for the rest 2021, due to the federal
government injecting significant funds into the economy. Michigan is currently ranked 16th in the
United States for its economic outlook and is the 11th largest state in the USA.

The acquisition of Instant Cash does not constitute a categorizable transaction in terms of the JSE
Listings Requirements.

The cautionary announcement released on 11 May 2021, as noted therein, related to a potential
acquisition in Mexico and is unconnected to the acquisition of Instant Cash.

21 May 2021


Date: 21-05-2021 05:45:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
Information on this Website is provided for general information purposes only and is not a substitute for professional advice. ASX Information (including company announcements and prices) is delayed by at least 20 minutes. JSE Information (including company announcements and prices) is delayed by at least 15 minutes. Reliance on the information you access on or from this Website is solely at your own risk. We make no representation or warranty in relation to the future performance of the companies that appear on this Website. Investment in securities involves risk and you should obtain independent professional legal, financial, investment or company advice before acting on any of the information you access on this Website. Using, browsing or otherwise accessing this Website is subject to our Terms and Conditions and our Privacy Policy.

© 2021 Listcorp. ABN 60 166 140 307

Never miss news from Finbond Group Limited (JSE:FGL) when you join Listcorp.