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Octagon aims to repay its debt to Monbat through an asset transfer (NEUTRAL)

Monbat announced that Octagon International had proposed a settlement of its overdue liabilities to the public company through an asset transfer from a third party. Please recall that in May Monbat has announced the signing of MoU between the associated company Octagon Int’l, its 100%-owned subsidiary Octa Light Bulgaria and third parties for servicing the overdue receivables to Monbat. According to Friday disclosure the third party – an investor - is interested in an equity investment in Octa Light. If the deal is finalised, Octagon will decrease its stake in Octa Light in favor of the third party, while simultaneously decreasing its debt to Monbat with the latter receiving an asset. The value of the transaction and the nature of the assets were not disclosed. As of Q1’19 Octagon owed to Monbat BGN 10.8m in trade receivables.

Source: Monbat; FFBH

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