[email protected] Capital PLC (LON:SYME) was the London market's top performer on Monday as the firm revealed it has inked a memorandum of understanding (MOU) with a Middle East investment company for its first pilot in the region as part of a planned rollout of its inventory monetisation platform.
The company said the MOU signed with Khaled Abdulla Almass and his investment firm, iMass LLC, will facilitate the company’s expansion into the Middle East market and is the first step in rolling out its platform across the region.
In afternoon trading, [email protected] shares were over 50% higher at 0.095p.
The pilot programme will involve a number of Abu Dhabi-based manufacturing firms as clients as well as several regional investment funds as inventory funders by the end of the first quarter of 2021.
[email protected] said market analysis by iMass within the United Arab Emirates (UAE) has estimated that the region has an underserved market for inventory monetisation of up to US$50bn for the principal categories within imported goods, and US$28bn for the main categories of non-oil goods produced in the UAE.
The firm said the partnership with iMass and the “extensive commercial and financial experience and contacts” of Almass will “strongly support its business expansion in the region”.
Almass previously served as head of investment at the Abu Dhabi Investment Company and has been involved in initial public offerings in the UAE worth over US$2.1bn.
"We're very excited to have an opportunity to work closely with iMass and Mr Almass in the UAE. Bringing such financial services professionals and their extensive network of business connections and local knowledge into partnership with us should give SYME the opportunity to launch and scale-up well in this region”, [email protected] chief executive Alessandro Zamboni said in a statement.
“The results of the joint analysis were very positive and we hope that the initial pilot scheme, by the end of [the first quarter of 2021], will bring favourable results. The UAE has a proven track record of investing in fintech initiatives to support the real economy and we are very pleased to be part of that trend", he added.
-- Updates share price --