TFG Sukuk I Limited Aurum (Cayman) Limited signs Standstill Agreement (9137J)

TIDM93DS

RNS Number : 9137J

TFG Sukuk I Limited

21 August 2023

Aurum (Cayman) Limited signs a Standstill Agreement with the Ad Hoc Committee

Aurum (Cayman) Limited, one of Dubai's leading real estate developer and property investment companies (the "Company") is pleased to announce that it has signed an interim standstill agreement (the "Standstill Agreement") with the Ad Hoc Committee of Sukukholders (the "Ad Hoc Committee"), while they continue discussions with respect to the reprofiling of the repayment profile of the U.S.$135,000,000 Secured 10.50 per cent. amortising Certificates due 2024 issued by TFG Sukuk I Limited (the "Sukuk"). The Standstill Agreement has been signed by Sukukholders who hold in excess of 75% of the outstanding aggregate amount of Sukuk, the required threshold to pass a consent solicitation.

The Standstill Agreement will be in place until the earlier of 18 September 2023 (unless otherwise extended) or the completion of the amend and extend of the Sukuk. While discussions in this respect continue, the Company has made payment, in full, of the profit payment due under the Sukuk on 7 August 2023 and also made a U.S.$2 million payment in respect of the principal payment that was due on this date.

The Company remains committed to working collaboratively with the Ad Hoc Committee to achieve a successful amend and extend that is fair and equitable to all stakeholders and will make further announcements in line with the progress of discussions.

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August 21, 2023 03:17 ET (07:17 GMT)