Rektron Announces Usd$50 Million Credit Facility Between Its Subsidiary Dl Hudson Ltd. and Saudi Exim Bank
In This Article:
NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC / ACCESSWIRE / October 15, 2024 / Rektron Group Inc. ("Rektron" or the "Company") (CSE:REK.U)(FRA:F75) a global commodities trading house, is pleased to announce that its wholly-owned subsidiary DL Hudson Limited ("DLH") has signed a USD$50 million credit facility agreement with Saudi EXIM Bank (the "Facility").
Under the Facility, the Saudi EXIM Bank, through the International Buyer Finance Product, will provide financing to DLH to purchase Saudi products from the Kingdom of Saudi Arabia and distribute them to its customers across various global markets.
The Facility is a revolving facility and bears an interest rate of SOFR + 1.45% due on the 90th day from the date of disbursement. The Facility is available for a period of twelve (12) months from the date of signing of the Facility.
On Behalf of the Board of Directors, Rektron Group Inc.
Ricardo Phielix
Chief Executive Officer
FOR FURTHER INFORMATION CONTACT:
Manny Bettencourt
Email: [email protected]
Phone: +1 (289) 482-0744
Web: https://www.rektrongroup.com/
About Saudi EXIM Bank
Established in 2020, the Saudi EXIM Bank aims to empower local exporters and promote the development and diversification of Saudi non-oil exports. By offering financing and insurance products, the bank enhances the competitiveness of national products in global markets across various sectors. These efforts bolster confidence in Saudi exports, contribute to the national economy, and align with the Kingdom's Vision 2030. The Saudi EXIM Bank is one of the development funds and banks affiliated with the National Development Fund.
About the Company
The Company is the holding and parent company of Rektron AQ Limited, which is the holding and parent company of DL Hudson Limited. DL Hudson Limited is the trading arm of a group of companies, of which there are several subsidiaries that support the group's global commodity trading operations. The Company is headquartered in Vancouver, BC, while Rektron AQ Limited is headquartered in London, UK.
The Company focuses on maintaining an experienced team of management and traders, extensive geographical and product diversification, trading and logistical expertise, and financial and risk management. The team at the Group is composed of energy and metals traders, City of London and Wall Street bankers. The trading expertise includes principal energy and metals products, particularly ferrous and nonferrous metals, Energy Transition Commodities ("ETC"), recycled metals and crude and Euro VI-compliant refined oil products. The Company transacts across all compliant markets following the international trade regulations and guidelines.