Agreement with Bill Express
April 11 2006 - 3:02AM
UK Regulatory
RNS Number:3384B
CCH International plc
11 April 2006
Press Release 11 April 2006
CCH International Plc - ("CCH" or "the Company")
A$80 million Sharia compliant trade finance facility for Bill Express
CCH International plc, the trade finance group, today announces an agreement
with Bill Express Limited ("BXP") (ASX: BXP) of Australia to implement an A$80
million five-year Sharia-compliant trade finance facility. Insurance against
non-payment will be provided by QBE Insurance Group which has a Standard & Poors
rating of A+. This facility has been co-arranged with the Sydney based
Investment Bankers Convergence Capital.
BXP owns and operates one of Australia's largest electronic retail distribution
networks, supplying electronic distribution of products and services and
electronic payment services. The total network currently comprises in excess of
13,000 electronic transaction points in retail locations throughout Australia.
BXP is listed on the Australian Stock Exchange with a current market
capitalisation of approximately A$85 million.
This CCH facility has the potential to significantly increase the amount of
receivables purchased by CCH over the next four years, contributing to
profitability. CCH and BXP believe that this facility represents the first
Sharia compliant trade finance facility of this size provided to a listed
Australian company, while it is the single largest transaction for CCH with
one customer.
Bill Express Chief Executive, Ian Christiansen, said: "We are pleased to have
entered into an agreement with CCH International Plc; this is a win for both
companies and has potential for further expansion."
Eren Nil, Managing Director of CCH International plc, commented:"We are
delighted to have signed this agreement with BXP. It not only puts us in a
strong strategic position for further deals in Australia with several more
already under discussion, but it is also likely to lead to further business
with BXP itself. This transaction shows our ability to conclude large sized
transactions that have the potential to enhance profitability."
- Ends -
For further information, please contact:
CCH International Plc www.cch-international.com
Eren Nil, Managing Director/ Tel: +44 (0) 208334 0871
Richard Fossett, Director and COO
eren.nil@cch-europe.de
r.fossett@cch-international.com
Abchurch Communications www.abchurch-group.com
Heather Salmond / Charlie Jack Tel: +44 (0) 207398 7700
charlie.jack@abchurch-group.com
---------------------------------
Notes to editors
CCH International offers a range of finance products to institutions and
corporations wishing to raise finance or to sell on trade receivables either
through conventional means or through its own internet based brokerage facility
www.cch-etrade.com. The Company is listed on the Alternative Investment Market (
AIM) of the London Stock Exchange. CCH International is also a specialist in
Islamic Finance and has the ability to arrange for Morahaba, Ijara, Istisna and
other compliant facilities.
CCH International has offices in England, Germany and Bahrain, as well as
strategic partnerships / affiliates / relationships in Australia with
Convergence Capital UAE, Turkey, and the USA.
Further information on the Company is available at www.cch-international.com.
Bill Express Ltd
Bill Express Limited is a publicly listed Australian company (ASX: BXP) focussed
on electronic product distribution, payments processing and in store promotional
media. The primary convergent elements of the company include:
Distribution
* DialTime is an electronic distribution system for pre-paid products and
services across 13,750 locations around Australia;
Payments
* Bill EXPRESS(R) processes in person, internet and over the phone
payments. The in person electronic bill payment service is the second
largest national bill payment network after Australia Post;
* mobileEFT enables businesses to collect credit card payments for goods
and services through a mobile or fixed-line telephone;
* Bopo Prepaid Visa Cards - a prepaid fully functional Visa consumer
payment card that can be topped up at 3,000 Bill Express locations across
Australia; and
In Store Media
* POPS (Point of Purchase Screens) and POD TV (Point of Decision TV) - a
network that promotes Bill Express Limited's and other products at the point
of sale and in store aisles.
Further information can be found at www.billexpressltd.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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