In furtherance of the Company Announcement issued by the Company on the 6th of April 2020 relating to the impact of the currently evolving Covid-19 pandemic on an international level on the Company, the Company wishes to provide its bondholders and stakeholders generally with an update on the current situation.
Due to a substantial decrease in freight rates, the Company is facing some difficulties in chartering out the vessel to third parties. Furthermore, due to the current lockdown in India, the Company’s supplier of guar meal is not exporting any of its product for the time being and until local restrictions are eased accordingly. Although the Company had sufficient stock to cover its operations over the past two months, it is foreseeing the eventual scenario that it will shortly run out of guar meal and therefore will be on standby until the factory is reopened and lockdown measures are lifted.
The Company wishes to reiterate its commitment that its management are still, and will continue to monitor the COVID-19 outbreak developments closely and are following guidance and instructions issued by the World Health Organization and is striving and shall continue to strive to abide by the requirements and regulations as issued by respective local governments.
Dr Katia Cachia
20th May 2020