24th Apr 2015 07:33
LONDON (Alliance News) - SyQic PLC on Friday said its SyQic Capital Sdn Bhd subsidiary has received an offer for a GBP3 million working capital facility and said its cash position has improved following the receipt of payments due from its telecoms partners.
SyQic said its subsidiary has received an offer from Al Rajhi Banking & Investment Corp, a Malaysia-based bank, to provide a working capital facility of up to GBP3 million, including a bank guarantee facility of up to GBP370,000.
SyQic also said it has received further payments due from its telecoms partners, meaning its cash position has substantially improved compared to the start of the year.
"We are pleased to announce that the ongoing collection of the company's receivables has enabled us to improve our net cash position substantially since our December year end. Our telco partners continue to adhere to existing payment plans and remain supportive," said SyQic Chief Executive Jamil Hassim.
"At the same time we are also pleased that we have been offered a debt based facility in Malaysia, to bridge the incoming receivables position, ensuring that we continue to grow the business at a rapid pace. This will enable us to continue to upscale Cool2vu as a global service," Hassim added.
SyQic shares were up 14% to 51.50 pence on Friday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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