At the last meeting of shareholders of NAGA GROUP AG (XETRA: N4G) on April 12, the merger of the company with the broker CAPEX.com was approved, with 99.81 percent of NAGA shareholders voting in favor of the merger. Monday’s press release also said the Hamburg-based broker is seeking two additional regulatory licenses that are pending approval.
Octavian Patrascu, the new CEO of NAGA Group, expressed hope for the implementation of the new business plan after receiving regulatory approval for the merger. The strategic merger of NAGA and CAPEX.com agreed to last December, has ambitious goals of increasing revenue to $250 million within three years and delivering annual savings of $10 million.
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Ben Bilsky, founder and former CEO of NAGA, split from the company shortly after the merger was announced last March. The new management’s plans include expanding the market and improving products, as well as creating a single integrated platform called the “Super App” that brings together all NAGA services.
