Notification of Delay in Creditor Instalment
03 Diciembre 2009 - 2:53AM
UK Regulatory
TIDMGMFA
RNS Number : 5226D
Global MENA Financial Assets Ltd
03 December 2009
3 December 2009
GLOBAL MENA FINANCIAL ASSETS LIMITED (the "Company")
Notification of Delay in Creditor Instalment
Further to its announcement on 5 October 2009, the Company has received a
further letter (the "Letter") from a creditor under an Islamic financing
arrangement, requesting that an instalment payable to the Company on 30
November, in the sum of approximately KD1.82 million (approximately US$ 6.38
million), be delayed until 28 February 2010.
In the Company's annual report for the year ended 31 March 2009, released on 31
July 2009 (the "Annual Report"), the Company made reference to a "wakala"
contract it had entered into with a Kuwaiti company (the "Wakala Agreement"). A
wakala is a type of agency contract in which the intermediary buys an asset
through a broking agent and all communication and dealings with the buyer are
done through a broking agent. Further reference in relation to the Wakala
Agreement was made in the Company's Interim Report and Financial Statements (the
"Interim Report"), released on 23 November 2009.
As was set out in the Annual Report, the total principal amount due under the
Wakala Agreement was $34.8 million (KD 10.2 million) (plus profit). The Wakala
Agreement matured on 14 January 2009, at which time the Kuwaiti company was
unable to meet its payment obligations. The Company agreed a
rescheduling package of four instalment payments with the Kuwaiti entity for the
repayment of the outstanding amount owed.As reported in the Annual Report, as at
24 May 2009, the Kuwaiti entity had made the first and second payments, reducing
the Company's exposure to US$12.7 million (KD 3.7 million) (plus profit). As
set out in the Interim Report (and as announced by the Company on 5 October
2009), the third instalment payment due from the Kuwaiti company on 30 September
2009 (the "Third Instalment"), was, at the request of the Kuwaiti Company,
re-scheduled to become payable on 28 February 2010.
The Company has now received the Letter, which explains that the fourth
instalment of the outstanding amount owed to the Company, due on 30 November
2009 (the "Fourth Instalment") , is to be delayed. The Kuwaiti entity has
requested that the Fourth Instalment be paid at the same time as the rescheduled
Third Instalment, on 28 February 2010.
A further announcement will follow in due course.
For information please contact:
Alison Bilham
HSBC Security Services (Guernsey) Limited
T: +44 (0)1481 707
213
Financial Dynamics +44(0) 207 269 7114
Ed Gascoigne-Pees
Nick Henderson
Notes to Editors
About Global MENA Financial Assets Limited
Global MENA Financial Assets Limited ("GMFA") is a Guernsey incorporated
investment company formed on 2 June 2008 to make attractive absolute gains
through investment in a diversified portfolio of financial sector assets focused
predominantly in the MENA region (including Turkey).
www.gmfa.com
About Global Capital Management Ltd.
Global Capital Management Ltd. is the wholly-owned subsidiary of Global
Investment House K.S.C.C. The investment manager has one of the largest private
equity teams in the MENA region. The team is organised into transaction, due
diligence and organisational development and monitoring subgroups. The members
of the private equity team have diverse sector and geographic experience in
countries across the MENA and other emerging markets. The team collectively
maintains a broad network of institutional relationships within the regions
targeted for investments by GMFA. The private equity team currently manages
assets more than US$3 billion.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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