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Disclosure of Technical Advisor Contract of The Arab Leasing Company (TALC) Sudan with Taageer Finance
Feb 06, 2018 - 09:11AM Company : TAAGEER FINANCE

Further to the disclosure made by the company on 22 December 2009 on the subject matter, we wish to disclose that, the  company and The Arab Leasing Company, TALC- Sudan have mutually agreed to close the Technical Advisor Contract at a final amount of USD 500,000 vide agreement received on 05-02-2018. We wish to mention that during the implementation of the Contract, TALC-Sudan had indicated some additional technical IT service requirements which did not form part of the scope agreed between us and it was not technically feasible for us to provide.

The Original Contract was entered into in December 2009 for a consideration of USD 800,000. Based on the above, both parties have now mutually agreed to reduce the scope of work and close the contract for USD 500,000 being the amount already paid by TALC, Sudan to Taageer Finance.

Since Taageer had not accounted the amount of USD 300,000 in their books for the additional technical service requirement, there would not be any financial impact on Taageer Finance to this effect.

 The above is submitted for information.

Regards,

 Mohammed Redha A. Jawad

Chief Executive Officer