Last checked at 29 May 2019 16:11
Afarak secures funding for repurchase of shares
Afarak secures funding for repurchase of shares
Afarak Group has made agreements regarding its funding. The funding is a combination of an off-take agreement for chrome ore and several financing agreements. According to the off-take agreement, Afarak will deliver goods from its South African mines from July 2019 to July 2023. Against these deliveries it will receive a prepayment for the goods.In addition, Afarak has made several financing agreements. Agreements have been made with standard market terms for the industry.
Through above arrangements, Afarak will have secured ample funding to proceed with the repurchase of shares as well as ensuring a satisfactory conduct of the regular business operations.
According to the decision by the Extraordinary General Meeting the Board is authorized to execute a public tender offer of its own shares. The authorization was conditional, among other things, on funding with acceptable terms and conditions. This condition has now been met.