CCH International plc
21 February 2007
Press Release 21 February 2007
CCH International plc
('CCH' or 'the Company')
Sign trade finance agreement with Alphasteel whilst increasing its funding base
CCH International PLC (AIM: CCH), the trade finance Group is pleased to announce
that it has signed agreements that will both increase its funding base whilst
facilitating a 3 year finance agreement with Alphasteel Limited of Wales . The
agreement with Alphasteel Limited allows for funding against the company's sales
until 2010.
Sharia'a compliant financing has been arranged with the European Islamic
Investment Bank plc ('EIIB'), which has provided a CCH subsidiary with a
sterling denominated financing facility. This is CCH's first agreement with
EIIB, the first independent Sharia'a compliant Islamic investment bank to be
authorised and regulated by the Financial Services Authority. EIIB is a leading
specialist in Islamic financial services, with well-established networks and
infrastructure throughout Europe and the Middle East, and as such, the
relationship with EIIB has clear strategic benefits for the CCH Group.
Eren Nil, commenting on the agreements said: 'the Alphasteel and EIIB facilities
are significant as they are CCH's first major financing of a UK based company
and a key addition to our funding base which has traditionally been provided by
Middle Eastern institutions. We look forward to expanding our relationship with
both Alphasteel and EIIB in the near future.'
Mohammad Rostami Safa, Chairman of Alphasteel Limited stated: 'We are pleased to
be working with CCH. It had been challenging to find non-traditional financing
facilities from the UK banking community and we are pleased to have found this
in CCH, a flexible and innovative financing partner. Whilst this is an initial
funding line, we look forward to expanding our relationship with CCH.'
EIIB issued its own press release today on the same subject ( www.eiib.co.uk)
- 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
Insinger de Beaufort http://www.insinger.com
Simon Fox, Tel: +44 (0) 207 190 7018
sfox@insinger.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 the ability to arrange for Morabaha, Ijara, Istisna and
other compliant facilities.
CCH International has offices in England, Germany and Bahrain, as well as
strategic partnerships / affiliates / relationships in Australia, UAE, Turkey,
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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