30th Dec 2019 12:29
(Alliance News) - Arricano Real Estate PLC on Monday said it had secured reduced interest rates on two loan agreements on Thursday last week.
The shopping mall network operator said its interest on a USD20.0 million loan agreement with Tascombank JSC and Universal Bank PJSC was cut to 11% from 13%. This loan is repayable at the end of July 2023.
The interest on the USD12.0 million loan, also with Tascombank and Universal Bank, which is due to be repaid on June 27, 2024, was chopped to 11% from 12%.
"We are very pleased to have agreed a material reduction in the cost of these two loan agreements with Tascombank and Universal Bank, which I believe demonstrates the quality of our long-standing partnership with these leading financial institutions as well as reflecting the increasing strength of Arricano's financial track record and prospects," said Arricano Chief Executive Ganna Chubotina.
Arricano shares were untraded in London on Monday morning, last closing at USD0.45 each.
By Evelina Grecenko; [email protected]
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