AFRK Afarak Group Se

 
TIDMAFAGR 
 
 
   17:00 London, 19:00 Helsinki, 31 March 2021 - Afarak Group Plc ("Afarak" 
or "the Company") (LSE: AFRK, NASDAQ: AFAGR) 
 
   Afarak re-structures its financing 
 
   Stock Exchange Release 
 
   On 29 May 2019, Afarak entered into commercial arrangement regarding its 
funding and an off-take agreement for chrome ore. Against a prepayment 
Afarak has delivered South African chrome ore on regular basis from May 
2019. 
 
   Due to the market conditions and the following pandemic outbreak, Afarak 
has not been able to deliver the ore as planned. The debt was due, and 
it has been recorded in the short-term debt amounting to USD 25,680,345 
on 31.12.2020. 
 
   Afarak has now agreed that the shares of Afarak Trading Ltd, Turk Maadin 
Sirketi A.S and Afarak Elektrowerk Weisweiler GmbH are pledged in order 
to secure the performance of Afarak and its group. In exchange to that, 
Afarak Trading Ltd  will get support with working capital for the Low 
Carbon operations and revised payment plan for the debt. According to 
payment plan, the debt will be paid in instalments and the final 
instalment is due on 07.02.2022, with a possibility to revise the 
repayment schedule. 
 
   Helsinki, March 31, 2021 
 
   AFARAK GROUP PLC 
 
   Board of Directors 
 
   For additional information, please contact: 
 
   Afarak Group Plc 
 
   Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.com 
https://www.globenewswire.com/Tracker?data=Hx6Jjz92q_6k_xya8YCPmi7hVm0CxyMsZ442ZqZnen0Rpe28JlidmcTwtzP8EI2zKl_INSHMCUHyassF1DkrQ3ruwMPmYGvrF6Zl_R0bM8zmIoxQxmKjBCfMZQPxWU-y 
 
 
 
 
 
 
   Financial reports and other investor information are available on the 
Company's website: www.afarak.com. 
 
   Afarak Group is a specialist alloy producer focused on delivering 
sustainable growth with a Speciality Alloys business in southern Europe 
and a FerroAlloys business in South Africa. The Company is listed on 
NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange 
(AFRK). 
 
   Distribution: 
 
   NASDAQ Helsinki 
 
   London Stock Exchange 
 
   Main media 
 
   www.afarak.com 
 
 
 
 

(END) Dow Jones Newswires

March 31, 2021 11:59 ET (15:59 GMT)

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