Raffles Financial Group Limited (OTCMKTS:RAFFF) (CSE:RICH) Stock Continues to Trade in a Range

Raffles Financial Group Limited (OTCMKTS:RAFFF) (CSE:RICH) is moving in a range after announcing the signing of a joint venture agreement with Canadian businessman and entrepreneur Nick Standish to establish Raffles Financial Americas Pte Ltd.

Market Stats

On Wednesday, RAFFF stock ended flat at $2.40 with more than 100 shares, compared to its average volume of 442 shares. The stock has moved within a range of $2.4000 – 2.4000 after opening trading at $2.40.

Raffles Financial Joint Venture to Start Raffles Financial Americas

The joint venture will serve customers required corporate finance advice and public listing services in the Americas. Most importantly, the establishment will cooperate and complement the RFG representatives in Australia, ASEAN, and Africa.

Standish will hold 49%, while the company will own 51% of the joint venture, with Standish serving as executive director.Albert Fan will serve as a Director whole Dr. Charlie In will act as a non-executive director. Commenting on the deal, Standish stated that there is considerable innovation and growth in the Americas and North America and as such, demand is high for consultancy services, especially financial advisory.

He explained that they are optimistic they will meet the demand and leverage opportunities through the partnership, and cooperate with North American capital markets professionals within the RFG suite of solutions. So investors should watch RAFFF.

Key Quote

“There is a significant amount of growth and innovation in these regions, and with that, there is a growing demandfor business consulting and in particular financial advisory services. We are confident that we can meet this demand and capitalize on the opportunities through this partnership and by combining North American capital markets expertise with the RFG suite of financial solutions,” stated Mr. Standish.

Traders Corner

RAFFF stock is trading above the 10-Day and 20-Day Moving averages of $2.40 and $2.39 respectively. However, the stock is trading below the 200-Day moving average of $5.77.