24th Apr 2006 07:01
CCH International plc24 April 2006 Press Release 24 April 2006 CCH International plc ("CCH" or "the Company") CCH funds US$30 million AA rated credit insurance wrapped hazelnut procurement facility in Turkey CCH International plc, the trade finance group, announces an agreement betweenits wholly owned subsidiary CCH Europe GmbH and Basaran Gida Ticaret ve TurizmIsletmeleri ("Basaran") of Turkey to implement a one year US$30 millionSharia-compliant hazelnut export finance facility. Insurance againstnon-payment is provided by an international insurance company with a Fitchrating of AA. Basaran is an established hazelnut trading and processing firm with facilitiesat Trabzon in the Black Sea region of Turkey and headquarters in Istanbul. Thistransaction follows on from a previous US$12 million financing program betweenCCH Europe GmbH and Basaran that started in 2003 and was successfully repaid inearly 2006; that facility was also insured against non payment. This new CCH-Basaran facility has the potential to significantly increase theannual turnover of the Company and is expected to lead to other similartransactions with different exporters in the same industry. Huseyin Basaran, Chairman of Basaran, said: "We are pleased to have reconfirmedand expanded our excellent relationship with CCH International plc and we lookforward to further extending our cooperation." Eren Nil, Managing Director of CCH International plc, commented: "We aredelighted to have signed another Sharia compliant facility with Basaran. It notonly puts us in a strong strategic position for further deals in the hazelnutand other commodity sectors in Turkey, but is also likely to lead to furtherbusiness with Basaran itself. This transaction reaffirms our ability toconclude large sized transactions that have the potential to generatesignificant turnover and enhance our ability to pay dividends in the future." - Ends - For further information, please contact:CCH International plc www.cch-international.comEren Nil, Managing Director Tel: +44 (0) 20 8334 0871Richard Fossett, Director and [email protected]@cch-international.com Abchurch Communications www.abchurch-group.comHeather Salmond / Charlie Jack Tel: +44 (0) 20 7398 [email protected] 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 ability to arrange for Morahaba, Ijara, Istisna andother compliant facilities. CCH International has offices in England and Germany, as well as strategicpartnerships / affiliates / relationships in Australia, Bahrain, UAE, Turkey,Iraq 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 ExchangeRelated Shares:
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