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Kaya announced that the Board of Directors at its meeting held on 26 September 2016 has given its consent to provide Bank guarantee of an amount not exceeding AED 15 million on behalf of Kaya Middle East FZE, a foreign step down subsidiary of the Company, to facilitate Kaya FZE to obtain a bank loan for the purpose of expansion, acquisition of new clients, capital expenditure and for meeting its working capital requirement. The said guarantee would be valid for three years from date of loan agreement between Kaya FZE and the Bank.
The Board of Directors of the Company at the same meeting has also consented to provide corporate guarantee on behalf of Kaya Middle East DMCC (Kaya DMCC), wholly owned subsidiary of the Company, for payment of AED 22,500,000 due under the Agreement signed on 08 September 2016 by Kaya DMCC for acquiring 75% beneficial interest in Minal Medical Centre, Dubai and Minal Specialised Clinic Dermatology, Sharjah. The said guarantee is valid for a period of one year from the date of approval of the board.
The said guarantees will be charged to the subsidiaries, at 1% of the respective guarantee amount, by the Company.
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