Softlogic Finance gets Rs. 1.4 b guarantee for debt from foreign fund

Friday, 20 December 2013 00:53 - - {{hitsCtrl.values.hits}}

Softlogic Finance PLC yesterday announced that it has signed an agreement with Netherlands-backed Guarant Co Ltd., to provide a guarantee that will enhance the issuance of debentures worth Rs. 1.4 billion. The issuance of debentures is expected to take place in January 2014. Guarant Co is owned by the Private Infrastructure Development Group members through the PIDG Trust and Netherlands Ministry of Foreign Affairs through Nederland’s FMO, which also holds 19% stake in Asian Alliance, a related party to Softlogic Finance.The PIDG is a multi-donor, member managed organisation and the current members include the UK Department for International Development, the Swiss State Secretariat for Economic Affairs, the Netherlands Ministry of Foreign Affairs, the Swedish International Development Cooperation Agency, the World Bank, the Austrian Development Agency, Irish Aid, Germany’s KfW and the Australian Agency for International Development. Guarant Co is run and managed on a commercial basis by Frontier Markets Fund Managers Ltd. (FMFML), which is owned by the Standard Bank Group, FMO and Emerging Markets Partnership. FMFML has primary responsibility for the overall management of Guarant Co.

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