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”)
FURTHER EXPANSION IN THE USA – 15 ADDITIONAL STORE LOCATIONS IN MICHIGAN
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
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-
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
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
GRINDROD BANK LIMITED
Date: 21-05-2021 05:45:00
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