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17:00 London, 19:00 Helsinki, 31 March 2021 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
Afarak re-structures its financing
Stock Exchange Release
On 29 May 2019, Afarak entered into commercial arrangement regarding its funding and an off-take agreement for chrome ore. Against a prepayment Afarak has delivered South African chrome ore on regular basis from May 2019.
Due to the market conditions and the following pandemic outbreak, Afarak has not been able to deliver the ore as planned. The debt was due, and it has been recorded in the short-term debt amounting to USD 25,680,345 on 31.12.2020.
Afarak has now agreed that the shares of Afarak Trading Ltd, Turk Maadin Sirketi A.S and Afarak Elektrowerk Weisweiler GmbH are pledged in order to secure the performance of Afarak and its group. In exchange to that, Afarak Trading Ltd will get support with working capital for the Low Carbon operations and revised payment plan for the debt. According to payment plan, the debt will be paid in instalments and the final instalment is due on 07.02.2022, with a possibility to revise the repayment schedule.
Helsinki, March 31, 2021
AFARAK GROUP PLC
Board of Directors
For additional information, please contact:
Afarak Group Plc
Guy Konsbruck, CEO, +356 2122 1566, email@example.com
Financial reports and other investor information are available on the Company's website: www.afarak.com.
Afarak Group is a specialist alloy producer focused on delivering sustainable growth with a Speciality Alloys business in southern Europe and a FerroAlloys business in South Africa. The Company is listed on NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).
London Stock Exchange