Maximus International Ltd updates on subsidiaries

The Board of Directors of Maximus International Ltd at its meeting held today i.e. on Saturday, 1st October, 2022 at the registered office of the Company, has considered and approved the proposal for giving Corporate Guarantee and Indemnity for Quantum Lubricants (E.A.) Limited - Step down Subsidiary - in Nairobi - Kenya (Subsidiary of Wholly owned Subsidiary - MX Africa Limited) ("hereinafter called "the Borrower") of KES 107,000,000 (Kenya Shillings one hundred seven Million) or the equivalent thereof in whatever currency denominated exclusive of interest and other costs charges and expenses in favour of the Stanbic Bank Kenya Limited ("the Bank") towards the credit facility availed by borrower from the bank.

The board also approved proposal for giving Corporate Guarantee and Indemnity for Maximus Global FZE - Wholly owned Subsidiary - in Sharjah - UAE and Maximus Lubricants LLC - Step down Subsidiary in Ras Al Khaimah - UAE (Subsidiary of Maximus Global FZE) ("hereinafter called "the Borrowers") of AED 2,800,000 (UAE Dirhams Two Million Eight Hundred Thousand) or the equivalent thereof in whatever currency denominated exclusive of interest and other costs charges and expenses in favour of the Abu Dhabi Commercial Bank PJSC ("the Bank") towards the credit facility availed by borrowers from the bank.

Source : Equity Bulls

Keywords

MaximusInternational CorporateGuarantee OverseasSubsidiaries