Notification of Delay in Creditor Instalment


 

TIDMGMFA 
 
RNS Number : 5226D 
Global MENA Financial Assets Ltd 
03 December 2009 
 

3 December 2009 
 
 
GLOBAL MENA FINANCIAL ASSETS LIMITED (the "Company") 
Notification of Delay in Creditor Instalment 
Further to its announcement on 5 October 2009, the Company has received a 
further letter (the "Letter") from a creditor under an Islamic financing 
arrangement, requesting that an instalment payable to the Company on 30 
November, in the sum of approximately KD1.82 million (approximately US$ 6.38 
million), be delayed until 28 February 2010. 
In the Company's annual report for the year ended 31 March 2009, released on 31 
July 2009 (the "Annual Report"), the Company made reference to a "wakala" 
contract it had entered into with a Kuwaiti company (the "Wakala Agreement"). A 
wakala is a type of agency contract in which the intermediary buys an asset 
through a broking agent and all communication and dealings with the buyer are 
done through a broking agent.  Further reference in relation to the Wakala 
Agreement was made in the Company's Interim Report and Financial Statements (the 
"Interim Report"), released on 23 November 2009. 
As was set out in the Annual Report, the total principal amount due under the 
Wakala Agreement was $34.8 million (KD 10.2 million) (plus profit).  The Wakala 
Agreement matured on 14 January 2009, at which time the Kuwaiti company was 
unable to meet its payment obligations.  The Company agreed a 
rescheduling package of four instalment payments with the Kuwaiti entity for the 
repayment of the outstanding amount owed.As reported in the Annual Report, as at 
24 May 2009, the Kuwaiti entity had made the first and second payments, reducing 
the Company's exposure to US$12.7 million (KD 3.7 million) (plus profit).  As 
set out in the Interim Report (and as announced by the Company on 5 October 
2009), the third instalment payment due from the Kuwaiti company on 30 September 
2009 (the "Third Instalment"), was, at the request of the Kuwaiti Company, 
re-scheduled to become payable on 28 February 2010. 
The Company has now received the Letter, which explains that the fourth 
instalment of the outstanding amount owed to the Company, due on 30 November 
2009 (the "Fourth Instalment") , is to be delayed. The Kuwaiti entity has 
requested that the Fourth Instalment be paid at the same time as the rescheduled 
Third Instalment, on 28 February 2010. 
A further announcement will follow in due course. 
For information please contact: 
Alison Bilham 
HSBC Security Services (Guernsey) Limited 
 T: +44 (0)1481 707 
213 
Financial Dynamics    +44(0) 207 269 7114 
Ed Gascoigne-Pees 
Nick Henderson 
 
 
Notes to Editors 
About Global MENA Financial Assets Limited 
Global MENA Financial Assets Limited ("GMFA") is a Guernsey incorporated 
investment company formed on 2 June 2008 to make attractive absolute gains 
through investment in a diversified portfolio of financial sector assets focused 
predominantly in the MENA region (including Turkey). 
www.gmfa.com 
About Global Capital Management Ltd. 
Global Capital Management Ltd. is the wholly-owned subsidiary of Global 
Investment House K.S.C.C. The investment manager has one of the largest private 
equity teams in the MENA region. The team is organised into transaction, due 
diligence and organisational development and monitoring subgroups. The members 
of the private equity team have diverse sector and geographic experience in 
countries across the MENA and other emerging markets. The team collectively 
maintains a broad network of institutional relationships within the regions 
targeted for investments by GMFA. The private equity team currently manages 
assets more than US$3 billion. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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