ING-owned Millennium3 has sold off its interest in financial services company SFS.
Dealer group Millennium3 has sold off its interest in financial services company Superwoman Financial Solutions (SFS).
"It's been sold as an entity by Millennium3 to another company called EmpowerNet International (ENI)," a Millennium3 spokesperson said.
Superwoman would remain under Millennium3's Australian financial services licence but compliance and day-to-day operations will become the responsibility of ENI, the spokesperson said.
Last week SFS announced it had entered into a merger agreement with the business development firm and if the proposed merger is successful, ENI will change its name to Superwoman Limited.
"The consolidation of SFS and ENI's operations is compelling. The uniqueness of Superwoman coupled with ENI's experience in personal development and wealth creation seminars will sound in a new era for female-focused education and financial development," SFS chairman Colin Grant said.
If the merger is successful, Grant will take the helm as the merged entity's chairman, with SFS chief executive David Ross to be appointed as chief of ENI.
The planned merger is expected to result in a reshuffle of ENI's board and with the exclusion of ENI chief executive Michael Burnett, ENI's board members will all resign and be replaced by nominees of SFS.
Under the terms of the proposed merger, ENI will acquire the entire issued share capital of SFS.
Superwoman announced it had entered into voluntary administration in April 2007 following a dispute between the company's shareholders, Millennium3 and Superwoman founder Tim Harrison, after a six-month joint venture.
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