Associated British Engineering unit acquires stake in Akoris Trading

Associated British Engineering's wholly-owned subsidiary British Polar Engines (BPE) has purchased a stake in Akoris Trading, the company announced Wednesday.

BPE has invested $500,000 by a subscription of shares which represent a 50% interest in the newly-formed natural resources investment business.

A commercial loan facility of £200,000, secured by way of a fixed and floating charge on the assets of Akoris for working capital purposes, has also been made by BPE.

Three directors will be appointed by shareholders. In the meantime BPE directors Colin Weinberg, David Brown and Rupert Pearce-Gould will head the board along with Akoris Chief Executive Marc Weisberger.

Weisberger previously worked at Clyde & Co LLP, Glencore International and Alaska Metals. He has also provided commodity advisory services to banks, traders and producers.

"We are delighted to be involved in this new venture, and have every confidence in the abilities of the management," Director Weinberg said.

"The venture will be reviewed at the end of nine months to ensure prospects of success remain present."

RD