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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Afarak Group Se | LSE:AFRK | London | Ordinary Share | FI0009800098 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 20.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | 201.34M | 47.72M | 0.1937 | 1.03 | 49.27M |
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TIDMAFAGR
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, guy.konsbruck@afarak.com
https://www.globenewswire.com/Tracker?data=Hx6Jjz92q_6k_xya8YCPmi7hVm0CxyMsZ442ZqZnen0Rpe28JlidmcTwtzP8EI2zKl_INSHMCUHyassF1DkrQ3ruwMPmYGvrF6Zl_R0bM8zmIoxQxmKjBCfMZQPxWU-y
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).
Distribution:
NASDAQ Helsinki
London Stock Exchange
Main media
www.afarak.com
(END) Dow Jones Newswires
March 31, 2021 11:59 ET (15:59 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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