Supply @ME Capital PLC MOU signed for first Pilot in Middle East region (6154V)
August 10 2020 - 1:00AM
UK Regulatory
TIDMSYME
RNS Number : 6154V
Supply @ME Capital PLC
10 August 2020
10 August 2020
Supply@Me Capital plc
(The "Company" or "SYME")
MOU signed with leading Middle East Investment Company for first
Supply@ME pilot in the region
Part of planned rollout of Inventory Monetisation platform in
the Middle East
As announced in the Company's Trading Update on 27 July 2020,
Supply@ME has initiated a number of feasibility studies to assess
roll-out of its Inventory Monetisation service into new territories
both within and outside of its home base in Europe. Whilst Europe
will remain the focus, with the UK a specific next target, other
regions where there is good access to capital and a strong
potential demand for Supply@Me's Inventory Monetisation platform
are being carefully evaluated.
Following a joint market assessment that commenced in June,
Supply@ME is pleased to announce that it has signed a Memoranum of
Understanding (MOU) with Mr. Khaled Abdulla Almass and his
investment company, iMass LLC to facilitate the expansion of
Supply@ME into the Middle East market.
The MOU is the first step towards a long-term partnership to
deliver the roll-out of SYME's platform in the region, commencing
with an inventory monetisation pilot programme involving a number
of Abu Dhabi-based manufacturing companies (as client companies)
and a number of regional investment funds (as inventory funders),
which will include sharia compliant investment structures, by the
end of Q1 2021.
iMass Investments was founded in 2007 to invest directly in
leading companies and major development and commercial projects in
the EMEA region including into industrial, food supplies and
general trading, real state and services sectors. Market analysis
carried out by iMass within the UAE region estimates that it has an
underserved market for Inventory Monetisation of up to 50bn USD for
the principal categories within imported goods, and 28bn USD for
the main categories of non-oil goods produced in the UAE.
Mr Almass, owner of iMass, is a board member of three leading
organizations in the MENA region.
- Vice Chairman the Abu Dhabi National Health Insurance Company
(Daman): the prime health insurance company in the United Arab
Emirates.
- Board member at Abu Dhabi National Energy Co. (TAQA), listed
on the Abu Dhabi Securities Exchange, and investing in power
generation, water desalination, production and storage of oil and
gas, as well mining, metal, and service sectors.
- Board member at Saudi Enaya Cooperative Insurance Company
(Saudi Enaya) a leading publicly listed insurance company in Saudi
Arabia.
Mr Almass was previously Head of Investment at the Abu Dhabi
Investment Company and has been involved in initial public
offerings in the UAE with a value in excess of USD 2.1 billion.
SYME believes that its partnership with iMass, under the terms
of the MOU, combined with the extensive commercial and financial
experience and contacts of Mr Almass will strongly support its
business expansion in the region.
Alessandro Zamboni, Chief Executive, Supply@Me Capital PLC,
commented, "We're very excited to have an opportunity to work
closely with iMass and Mr Almass in the UAE. Bringing such
financial services professionals and their extensive network of
business connections and local knowledge into partnership with us
should give SYME the opportunity to launch and scale-up well in
this region. The results of the joint analysis were very positive
and we hope that the initial pilot scheme, by the end of Q1 2021,
will bring favourable results. The UAE has a proven track record of
investing in fintech initiatives to support the real economy and we
are very pleased to be part of that trend."
Contacts
Alessandro Zamboni, CEO, Supply@ME Capital plc,
investors@supplymecapital.com
Paul Vann, Walbrook PR Limited, +44 (0)20 7933 8780
Brian Norris, Cicero/AMO, +44 (0)20 7947 5317
Notes
Supply@ME enables businesses to generate cashflow, without
incurring debt, by monetising their existing stock. Before a
business has found an end customer for its inventory, the Supply@ME
platform enables them to sell part of their stock and receive cash
immediately, thus boosting their working capital. The Supply@Me
service enables strong companies to improve their working capital
cycle. SYME does not monetise inventory for companies in financial
difficulty or with inventory that they are struggling to sell.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCGUGDIDSBDGGG
(END) Dow Jones Newswires
August 10, 2020 02:00 ET (06:00 GMT)
Abal (LSE:ABAL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Abal (LSE:ABAL)
Historical Stock Chart
From Jul 2023 to Jul 2024