Tradeflow and DP World complete first transaction

RNS Number : 9297P

Supply @ME Capital PLC

23 June 2022

 

23 June 2022

 Supply@ME Capital plc

(The "Company" or "SYME")

TradeFlow completes first transaction introduced by CARGOES Finance By DP World

Supply@ME Capital plc, the innovative fintech platform which provides the Inventory Monetisation© service to manufacturing and trading companies, announces that TradeFlow Capital Management Pte Ltd ("TradeFlow"), part of the Supply@Me Group, has completed the first warehoused commodities monetisation transaction introduced by CARGOES Finance By DP World. The completion of the first transaction follows the partnership agreement the parties signed earlier this year ("the partnership"), announced in the RNS of 18 February 2022.

TradeFlow Funds have monetised the inventory of a small to medium-sized enterprise (SME) coffee company based in the United Arab Emirates (UAE), via the Dubai Multi Commodity Centre (DMCC) Electronic Warrants ("E-Warrants") platform. TradeFlow is a shariah-compliant, Murabaha transaction member of the DMCC E-Warrant platform.

Under the terms of the transaction, the USD TradeFlow Fund SP received the authenticated warehouse E-Warrants for the coffee inventory digitally. In total, TradeFlow received 66 E-Warrants via the DMCC platform, representing coffee stored in the DMCC Coffee Centre warehouse located in the Jebel Ali Freezone.

Transactions completed under the partnership with CARGOES Finance By DP World will contribute to the Supply@Me Group's Investment Advisory revenue stream. The Company has issued an RNS Reach announcement on this occasion to confirm the completion of the first transaction under the partnership. As the Board expects the first transaction under the partnership to pave the way for a significant number of transactions in the future, the Company will inform the market of any future transactions under the partnership only if they stand to significantly impact SYME's financial performance. Any such information will be distributed via the London Stock Exchange's Regulatory News Service.

CARGOES Finance By DP World is a trade finance fintech platform which enables access to working capital for enterprises, specifically SMEs, by connecting them with premier financial institutions worldwide. It was launched in July 2021.

DMCC was established in 2002 by the Government of Dubai to provide the physical, market and financial infrastructure required to establish a hub for global commodities trade. Today it serves more than 20,000 businesses from a wide range of industries and sectors, as diverse as agro, energy and financial services to diamonds, gold, and base metals. Members can access all the advantages of unparalleled trade connections direct to Dubai, the UAE and the world's key commodities markets.

SYME Chief Executive, Alessandro Zamboni, said:  "I am immensely proud of the TradeFlow team for achieving this milestone first transaction in partnership with CARGOES By DP World and the DMCC. It is a testament to the value TradeFlow continues to build as an important member of the Supply@ME stable and demonstrates the potential for future transactions under this exciting partnership with DP World."

TradeFlow Chief Executive and SYME executive director, Tom James, said:  "We are pleased to share the details of the monumental first transaction under the agreement with DP World. The deal is not only the first between us and the DP World CARGOES Platform, but is also TradeFlow's first ever transaction in the UAE, and the first transaction for the DMCC Coffee Centre using exciting E-Warrants technology. We would like to thank the teams at DP World and the DMCC for their dedication and support to get this transaction over the line. We look forward to continuing our work with DP World, using lessons learned from this first transaction to pave the way for further collaboration."

Sinan Ozcan at DP World Financial Services Limited, said:   " I am delighted to see this exciting transaction through TradeFlow Capital Management. We are committed to providing access to finance for SMEs that allows them to realise their potential. We worked very closely with the client, TradeFlow and DMCC to execute this one-of-a-kind inventory financing transaction. We're extremely proud that the platform was able to accommodate the inventory financing so quickly. It is great to collaborate with our partners to offer valuable digital tools so that businesses can continue to grow."

Notes

Supply@ME Capital PLC and its operating subsidiaries (together the "Supply@Me Group") provide an innovative fintech platform (the "Platform") for use by manufacturing and trading companies to access inventory trade solutions enabling their businesses to generate cashflow, via a non-credit approach and without incurring debt.  This is achieved by their existing eligible inventory being added to the Platform and then monetised via purchase by third party Inventory Funders.  The inventory to be monetised can include warehouse goods waiting to be sold to end-customers or goods/commodities that are part of a typical import/export transaction. SYME announced in August 2021 the launch of a Global Inventory Monetisation programme which will be focused on both inventory in transit monetisation and warehouse goods monetisation. This programme will be focused on creditworthy companies and not those in distress or otherwise seeking to monetise illiquid inventories.

Financial services offered on the CARGOES Finance Platform are associated with CARGOES By DP World (A suite of enterprise services and products for the world of logistics and trade) and provided by DP World Financial Services Limited. DP World Financial Services Limited is a company registered under the Dubai International Financial Centre (DIFC) and regulated by Dubai Financial Services Authority (DFSA).

Contacts

Alessandro Zamboni, CEO, Supply@ME Capital plc, [e-mail]

Paul Vann, Walbrook PR Limited, [phone];  [e-mail]

Chanice Smith, Cicero/AMO, [phone];  [e-mail]

 

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