Maximus International Approves KES 169M Guarantee for Subsidiary

Maximus International Ltd's Board of Directors has approved a corporate guarantee and indemnity for its step-down subsidiary, Quantum Lubricants (E.A.) Limited, located in Nairobi, Kenya. The guarantee amounts to KES 169,000,000 (approximately USD 1.3 million based on current exchange rates) in favor of Stanbic Bank Kenya Limited. This facility is for a credit line availed by the subsidiary from the bank. The company stated that the promoter/promoter group has no interest in this transaction and that it is being conducted on an arm's length basis. The corporate guarantee will cover Quantum Lubricants' repayment obligations.