CAB Payments shares plunge after StoneX ditches bid talks

LONDON (Reuters) - CAB Payments saw shares tumble by as much as a fifth in early trading on Thursday after U.S. rival StoneX Group pulled out of takeover talks.

Stock in the London-listed cross-border payments processor was trading 17.5% lower at 0858 GMT, and is on course for its second largest one-day stock price drop since an October 2023 profit warning, after StoneX confirmed it did not intend to make an offer for the company.

CAB Payments, which debuted on the London bourse last year, promised a full-year trading update next January and pledged to drive "attractive, sustainable growth" from 2025.

"The board of CAB Payments is highly confident in the company's strategy and is pleased with the strategic progress being made," it said in a statement.

CAB Payments markets itself as a fast-growing fintech with a global network to help governments, institutions and organisations such as NGOs make payments in countries such as Nigeria and Cameroon.

But it spooked investors last year after slashing its revenue forecasts by 17%, blaming "recent challenges" in some of its key currency markets such as the Central and West African franc, as well as uncertainties surrounding the Nigerian naira.

(Reporting by Kirstin Ridley; editing by Sinead Cruise)

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