Last checked at 22 Sep 2020 11:58
AFARAK GROUP RECEIVES A CLAIM12:00 London, 14:00 Helsinki, 22 September 2020 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
AFARAK GROUP RECEIVES A CLAIM
Stock Exchange Release
It has come to the attention of Afarak Group Plc (“Company”), that Absa Bank, a South African bank (“Absa”), has brought a claim against the Company in the district court of Helsinki.
In the claim Absa is claiming 75,000,000 South African Rands (approximately 3,8 million euros) added with interest and costs from the Company. The claim is based on a corporate guarantee given by the Company on behalf on Afarak Mogale. Afarak Mogale entered into business rescue process during the summer 2020 and has not been allowed to pay its debts during these proceedings.
Afarak Group will deliver its response to the district court of Helsinki in due course.
Helsinki, September 22, 2020
AFARAK GROUP PLC
Board of Directors
For additional information, please contact:Afarak Group PlcGuy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.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).
Distribution: NASDAQ Helsinki London Stock Exchange Main media
www.afarak.com