Hyprop Investments Extends €110M Aid to Balkan Retail

  • Hyprop Investments provides ZAR 2.266 billion financial assistance to Balkan Retail for Euro borrowing refinancing.
  • The resolution, authorized by Hyprop's board of directors, allows for direct or indirect financial aid to related or inter-related entities.
  • Hyprop Investments ensures compliance with solvency and liquidity tests, deeming the terms of the financial assistance fair and reasonable.

Hyprop Investments Limited has announced its decision to provide financial assistance amounting to €110 million to Balkan Retail N.V., a wholly-owned subsidiary. The assistance is intended to facilitate the refinancing of Balkan Retail’s existing Euro-denominated borrowings and provide guarantees to lenders involved in the process.

The resolution to extend financial aid to Balkan Retail was made in accordance with Section 45(5) of the Companies Act, No 71 of 2008, as amended. Hyprop’s board of directors was authorized by a special resolution passed during the company’s annual general meeting on November 25, 2022, to provide direct or indirect financial assistance to related or inter-related entities.

The board’s approval of the financial assistance to Balkan Retail signifies Hyprop’s commitment to support the growth and stability of its subsidiary. The €110 million provided exceeds one tenth of one percent of Hyprop Investments’ net worth, underscoring the significance of the transaction.

Hyprop Investments’ board of directors, while adopting the resolution, carefully assessed the financial circumstances of the company. They confirmed that, following the provision of financial assistance, Hyprop would meet the solvency and liquidity test as prescribed by Section 4 of the Companies Act. The board also ensured that the terms under which the financial assistance was granted were fair and reasonable to the company.

The financial assistance extended by Hyprop Investments will primarily be used for the refinancing of Balkan Retail’s Euro-denominated borrowings. By guaranteeing the lenders involved in the refinancing process, Hyprop aims to enhance the financial stability of Balkan Retail and position it for future growth.

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