Craven House Capital PLC $6,000,000 Revolving credit facility to 7Mobile (5095E)
May 08 2017 - 10:13AM
UK Regulatory
TIDMCRV
RNS Number : 5095E
Craven House Capital PLC
08 May 2017
8 May 2017
Craven House Capital Plc
("Craven House" or the "Company")
$6,000,000 Revolving credit facility to 7Mobile Ltd.
The Company today announces that its subsidiary, Craven House
Angola Lda. has provided a $6,000,000 revolving credit facility
(the "Facility") to 7Mobile Ltd. ("7Mobile"), one of the largest
mobile phone and tablet wholesalers in Angola. The Facility has a
two-year term and benefits from a senior, secured position. The
Facility bears an attractive interest rate and establishes an
important strategic relationship between Craven and 7Mobile.
Founded in 2013, 7Mobile distributes phones under the '7Mobile'
Brand targeting the lowest price points in the market in an effort
to provide Angolans access to necessary communication equipment.
With its manufacturing partners in China, 7Mobile is able to offer
high quality products benefiting from an industry-leading 13-month
guarantee. Today 7Mobile manufactures a feature mobile phone for
under $6, an Android phone for under $23, and an Android tablet for
under $35. In 2015, GFK, a leading independent market research
company, reported 7 Mobile's Detroit model as the 3rd most sold
handset in the Angolan market.
Currently 7 Mobile continues to be one of the fasted growing
brands in the market, selling phones into over 400 points of sale
in Angola and has also distributed phones in neighboring markets
including Mozambique, Zimbabwe, and Tanzania.
Craven House believes there is significant pent up demand for
critical consumer electronics in a number of African jurisdictions
given the current shortage of foreign currency necessary to import
goods. This access to additional capital will enable 7Mobile to
grow market share and increase their product offering while other
market participants are forced to reduce their orders of imported
handsets and tablets.
Ends
For further information please contact:
Craven House Capital Tel: 0203 286 8130
Plc
Mark Pajak
www.Cravenhousecapital.com
SI Capital Tel: 01483 413500
Broker
Nick Emerson
www.sicapital.co.uk
SPARK Advisory Partners Tel: 0203 368 3550
Limited
Nominated Adviser
Matt Davis/Mark Brady
www.Sparkadvisorypartners.com
About Craven House Capital:
Craven House Capital is a frontier and emerging market focused
merchant bank seeking value oriented long term investments. Craven
House invests in all segments of the capital structure in
partnership with local entrepreneurs and the local business
community. Craven House provides long term patient capital and is
often involved in restructuring, expansion and turn around
investments in crisis and transitioning economies.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 08, 2017 11:13 ET (15:13 GMT)
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