LONDON (Alliance News) - PME African Infrastructure Opportunities PLC saw shares plummeted on Friday after it said it has entered into a second secured loan agreement with Helvetica Deutschland GmbH.
PME african Infrastructure shares dropped 25% to 0.0900 pence per share on Friday morning.
PME African Infrastructure has secured a EUR400,000 loan from Helvetica, in addition to the EUR600,000 loan agreement it signed with Helvetica in October.
Both loans have been secured on the company's receivables, and are repayable on October 10, 2015. Both loans carry an interest rate of 10% per year and were taken out for general working capital purposes.
PME African Infrastructure Chairman Paul Macdonald is interested in 40% of Helvetica's issued share capital, rendering the lender a related party.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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