SFS Cyprus: Dubai FSA approves withdrawal of Gulflink

SFS Group Public Company Limited announced that Dubai Financial Services Authority accepted the application of its subsidiary Gulflink International Securities Limited for the withdrawal of its license for the provision of investment services, with effect from June 2, 2009. The Company intends to proceed with the write-off and dissolution of Gulflink, which is registered in Dubai International Financial Centre of the United Arabic Emirates.
The main reasons that led SFS to the decision above are the following:
1) The very low volume of transactions in Nasdaq Dubai (former DIFX), which does not allow the attraction of satisfactory turnover, forced Gulflink to change its initial targets
2) The regulatory regime of Dubai, which does not allow the conduct of investment services and activities that Gulflink would like to offer to and from DIFC and,
3) The global economic crisis and the effort to reduce expenses.
The dissolution of Gulflink is not expected to affect the Group's results.