Coca-Cola HBC Regulatory News (CCH)

29 Aug 2006 07:02

CCH International plc29 August 2006 Press Release 29 August 2006 CCH International Plc ("CCH" or "the Company") CCH enters into a Sharia compliant US$20,000,000 Morabaha facility with Globexbank CCH International plc, the trade finance group, is pleased to announce anagreement between its wholly owned subsidiary CCH Europe GmbH and Globexbank,Moscow to provide a US$20,000,000 Sharia compliant Morabaha facility; a facilitytypically utilised in the supply and sale of goods at an agreed price, plus aprofit mark up. The repayment of the Morabaha facility is guaranteed byGlobexbank. The first two payments totalling US$15,000,000 have already beenfunded with the last payment to be made during August / September 2006. In structuring this transaction, CCH Europe GmbH, acting as the agent for aMiddle Eastern based Islamic bank, has issued the amount of the Morabahafacility and is the beneficiary under a Standby Letter of Credit issued byGlobexbank. Eren Nil, Managing Director of CCH International plc commented: "This is thefirst Morabaha facility extended to a Russian institution by an Islamic bank.Islamic financial institutions have virtually no exposure to Russian risk andtherefore the market is of great interest to CCH. Given the size of the Russianmarket and its need for liquidity, we are confident of arranging further Shariacompliant transactions for Russian institutions in the future." For further information, please contact:CCH International Plc www.cch-international.comEren Nil, Managing Director/ Tel: +44 (0) 20 8334 0871Richard Fossett, Director and COOeren@cch-international.comr.fossett@cch-international.com Media enquiriesAbchurch CommunicationsHeather Salmond / Franziska Bohnke Tel: +44 (0) 20 7398 7700franziska.boehnke@abchurch-group.com www.abchurch-group.com Notes to editors CCH International offers a range of finance products to institutions andcorporations wishing to raise finance or to sell on trade receivables eitherthrough conventional means or through its own internet based brokerage facilitywww.cch-etrade.com. The Company is listed on the Alternative Investment Market(AIM) of the London Stock Exchange. CCH International is also a specialist inIslamic Finance and has the ability to arrange for Morabaha, Ijara, Istisna andother compliant facilities. CCH International has offices in England, Germany and Bahrain, as well asstrategic partnerships / affiliates / relationships in Australia, UAE, Turkey,and the USA. Further information on the Company is available at www.cch-international.com. This information is provided by RNS The company news service from the London Stock Exchange