REG - Supply @ME Capital - Shariah Funding Arranger confirmed and named

Supply@Me CapitalAnnouncement

23/11/2021 07:00

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RNS Number : 1952T  Supply @ME Capital PLC   23 November 2021

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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© 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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