CCH International plc
24 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 between
its wholly owned subsidiary CCH Europe GmbH and Basaran Gida Ticaret ve Turizm
Isletmeleri ('Basaran') of Turkey to implement a one year US$30 million
Sharia-compliant hazelnut export finance facility. Insurance against
non-payment is provided by an international insurance company with a Fitch
rating of AA.
Basaran is an established hazelnut trading and processing firm with facilities
at Trabzon in the Black Sea region of Turkey and headquarters in Istanbul. This
transaction follows on from a previous US$12 million financing program between
CCH Europe GmbH and Basaran that started in 2003 and was successfully repaid in
early 2006; that facility was also insured against non payment.
This new CCH-Basaran facility has the potential to significantly increase the
annual turnover of the Company and is expected to lead to other similar
transactions with different exporters in the same industry.
Huseyin Basaran, Chairman of Basaran, said: 'We are pleased to have reconfirmed
and expanded our excellent relationship with CCH International plc and we look
forward to further extending our cooperation.'
Eren Nil, Managing Director of CCH International plc, commented: 'We are
delighted to have signed another Sharia compliant facility with Basaran. It not
only puts us in a strong strategic position for further deals in the hazelnut
and other commodity sectors in Turkey, but is also likely to lead to further
business with Basaran itself. This transaction reaffirms our ability to
conclude large sized transactions that have the potential to generate
significant turnover and enhance our ability to pay dividends in the future.'
- Ends -
For further information, please contact:
CCH International plc www.cch-international.com
Eren Nil, Managing Director Tel: +44 (0) 20 8334 0871
Richard Fossett, Director and COO
eren@cch-international.com
r.fossett@cch-international.com
Abchurch Communications www.abchurch-group.com
Heather Salmond / Charlie Jack Tel: +44 (0) 20 7398 7700
charlie.jack@abchurch-group.com
Notes to editors
CCH International offers a range of finance products to institutions and
corporations wishing to raise finance or to sell on trade receivables either
through conventional means or through its own internet based brokerage facility
www.cch-etrade.com. The Company is listed on the Alternative Investment Market
(AIM) of the London Stock Exchange. CCH International is also a specialist in
Islamic Finance and has ability to arrange for Morahaba, Ijara, Istisna and
other compliant facilities.
CCH International has offices in England and Germany, as well as strategic
partnerships / 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 Exchange
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