Agreement with Bill Express

11 Apr 2006 07:01

CCH International plc11 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 agreementwith Bill Express Limited ("BXP") (ASX: BXP) of Australia to implement an A$80million five-year Sharia-compliant trade finance facility. Insurance againstnon-payment will be provided by QBE Insurance Group which has a Standard & Poorsrating of A+. This facility has been co-arranged with the Sydney basedInvestment Bankers Convergence Capital. BXP owns and operates one of Australia's largest electronic retail distributionnetworks, supplying electronic distribution of products and services andelectronic payment services. The total network currently comprises in excess of13,000 electronic transaction points in retail locations throughout Australia.BXP is listed on the Australian Stock Exchange with a current marketcapitalisation of approximately A$85 million. This CCH facility has the potential to significantly increase the amount ofreceivables purchased by CCH over the next four years, contributing toprofitability. CCH and BXP believe that this facility represents the firstSharia compliant trade finance facility of this size provided to a listedAustralian company, while it is the single largest transaction for CCH with one customer. Bill Express Chief Executive, Ian Christiansen, said: "We are pleased to haveentered into an agreement with CCH International Plc; this is a win for bothcompanies and has potential for further expansion." Eren Nil, Managing Director of CCH International plc, commented:"We aredelighted to have signed this agreement with BXP. It not only puts us in astrong strategic position for further deals in Australia with several morealready under discussion, but it is also likely to lead to further business with BXP itself. This transaction shows our ability to conclude large sizedtransactions that have the potential to enhance profitability." - Ends - For further information, please contact: CCH International Plc www.cch-international.comEren Nil, Managing Director/ Tel: +44 (0) 208334 0871Richard Fossett, Director and COOeren.nil@cch-europe.der.fossett@cch-international.com Abchurch Communications www.abchurch-group.comHeather Salmond / Charlie Jack Tel: +44 (0) 207398 7700charlie.jack@abchurch-group.com--------------------------------- Notes to editors CCH International offers a range of finance products to institutions andcorporations wishing to raise finance or to sell on trade receivables eitherthrough conventional means or through its own internet based brokerage facilitywww.cch-etrade.com. The Company is listed on the Alternative Investment Market (AIM) of the London Stock Exchange. CCH International is also a specialist inIslamic Finance and has the ability to arrange for Morahaba, Ijara, Istisna andother compliant facilities. CCH International has offices in England, Germany and Bahrain, as well asstrategic partnerships / affiliates / relationships in Australia withConvergence 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) focussedon electronic product distribution, payments processing and in store promotionalmedia. 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