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Altyn repays EBRD loan

By BFN News | 07:39 AM | Monday 27 November, 2017


Altyn has confirmed that all obligations and repayments due under a loan agreement with the European Bank for Reconstruction and Development were repaid in October. In 2012, two of the company's subsidiaries, TOO GMK Altyn MM and DTOO GRP Baurgold, entered into a loan agreement with the European Bank for Reconstruction and Development. Under the loan agreement an amount of US$10 million was advanced to the company, and was repayable in quarterly instalments from January 2015 to October 2017. Altyn said: 'Within 2017, three quarterly capital repayments amounting to USD2.5 million plus interest at 7.5% were made. 'The repayment of the loan will provide significant cash flow upside for the company going forward.' Chief executive Aidar Assaubayev said: 'The company is moving forward with its plans, and is pleased that all repayments have been made as agreed with EBRD. This will release significant funds and obligations to enable the Company to pursue its future capital funding needs.' Story provided by StockMarketWire.com

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