Supply @ME Capital PLC Shariah Funding Arranger confirmed and named (1952T)
23 November 2021 - 6:00PM
UK Regulatory
TIDMSYME
RNS Number : 1952T
Supply @ME Capital PLC
23 November 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
23 November 2021
Supply@ME Capital plc
(The "Company" or "SYME")
Supply@ME names Intesa Sanpaolo Private Bank (Suisse) Morval SA
as Shariah fund arranger
Supply@ME Capital plc, the fintech business which provides an
innovative Platform for use by manufacturing and trading companies
to access Inventory Monetisation(c) solutions enabling their
businesses to generate cashflow, today announces its arranging
agreement (the "Agreement") with Intesa Sanpaolo Private Bank
(Suisse) Morval SA ("ISPB Morval") to finalise the structuring of
the funding for the Company's Shariah-compliant Inventory
Monetisation platform.
The first inventory monetisation transactions that will benefit
from ISPB Morval arranging activities relate to SYME's portfolio of
clients based in the MENA (Middle East and North Africa) region,
introduced by Lenovo Financial Services META LLC per the agreement
announced via RNS on 11 January 2021.
As first announced in the RNS of 20 January 2021, SYME received
approval from Sheikh Dr. Mohamed Elgari and Sheikh Yusuf Talal
DeLorenzo in their capacity as members of the Shariah scholar board
that the functional and legal structure of SYME's Inventory
Monetisation platform is compliant with AAOIFI Shariah standards
and acceptable under the principles of Shariah.
The Company now expects that the Shariah funding route
structured by ISPB Morval will feed into the Global Inventory
Monetisation program, as per the announcement in the RNS of 09
August 2021, and become a dedicated compartment.
SYME Chief Executive, Alessandro Zamboni, said: "I am delighted
we have reached a point in our journey to launching a
Shariah-compliant product where we can announce the highly
experienced specialist we have found in ISPB Morval. After many
months of hard work, we have aligned the core components of the
first inventory monetisation transactions in the MENA region - a
strong pipeline of clients and a well-connected bank which will
leverage the preliminary approvals got from the Shariah scholar
board. I look forward to working with the impressive roster of
client companies to bring our long-awaited Inventory Monetisation
platform to the Islamic Finance market."
Notes
Supply@ME Capital PLC and its operating subsidiaries (together
the "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 program which will be focused on both
inventory in transit monetisation and warehouse goods monetisation.
This program will be focused on creditworthy companies and not
those in distress or otherwise seeking to monetise illiquid
inventories.
Contacts
Alessandro Zamboni, CEO, Supply@ME Capital plc,
investors@supplymecapital.com
Paul Vann, Walbrook PR Limited, +44 (0)20 7933 8780;
paul.vann@walbrookpr.com
Brian Norris, Cicero/AMO, +44 (0)20 7947 5317
brian.norris@cicero-group.com
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END
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