Corporate Guarantee for Kenya Subsidiary of KES 169 Million

New Credit FacilityCredit & Debt View source PDF

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+0.9%1-day move

₹13.30

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AI summary

Maximus International's board approved a corporate guarantee of KES 169 million for its step-down subsidiary Quantum Lubricants (E.A.) Limited in Kenya. The guarantee backs a credit facility taken by Quantum Lubricants from Stanbic Bank Kenya Limited. Quantum is a subsidiary of MX Africa Limited, which is wholly owned by Maximus. The transaction is at arm's length with no promoter interest involved.

Likely market impact

Company takes on about KES 169 million in contingent liability for subsidiary loan. Group-level support, but exposes parent if Quantum defaults.