Flame Tree gets Sh905m SBM credit line after freezing loan payments
Tuesday, June 23, 2020 0:01
By PATRICK ALUSHULA
Flame Tree Group chief executive Heril Bangera.
FILE PHOTO | NMG
Flame Tree Group (FTG) has secured Sh905 million ($8.5 million) credit line from SBM bank to improve working capital and fund growth even as the firm froze repayment of maturing loans in the wake of coronavirus.
Chief executive Heril Bangera says in the latest annual report that the firm had to make critical decisions in a relatively short time due to Covid-19 to secure the viability of the 14 companies operating under FTG.
Mr Bangera says the firm has received loan repayment moratorium of “several months,” initiated budget cuts and postponed projects that were to happen by June due to the disruptive Covid-19.
“In view of the pandemic, a moratorium of several months for all due payments from April has been received from SBM and other banks,” said the firm.
