Mr Rajinder Baryan, one of Multiple ICD’s co-owners. PHOTO | DIANA NGILA | NMG
American private equity fund wants to renegotiate payment terms of a Sh1.6 billion loan with a Mombasa bases inland container depot operator following cash flow constraints caused by the Covid-19 pandemic.
TriLinc Global Impact Fund made the revelations in fillings at the United States Securities Exchange Commission.
According to the filings, the US firm invested $15 million in Multiple ICD Ltd, which is linked to Multiple Hauliers, one of Africa's largest privately-owned logistics firms, through Barak Fund Management Ltd as the sub-adviser.
TriLinc said it is actively engaging Barak Fund and the company to restructure the facility.
“In July 2017, the company purchased a $15,000,000 Participation in a term loan facility with Multiple ICD (Kenya) Ltd, an inland container depot storage and warehousing company,” the firm said in the Sec fillings.
“Repayment on this position has been slower than originally anticipated due initially to unfavorable local industry dynamics at the Port of Mombasa, which were further complicated by the Covid-19 pandemic. Barak is actively working with the borrower to restructure the facility which is expected to be finalised in the coming quarters,” the firm said.
Multiple ICD is owned by MG Holding and two of its directors, Rajinder Singh Baryan, Manvir Singh Baryan own Multiple Hauliers which has recently come under intense cash flow problems and is facing multiple auction and insolvency attacks as several creditors come knocking.The loan is part of the Sh4.8 billion from Mauritius-registered equity firm Barak Fund borrowed in 2017 to boost the financial health of Multiple Hauliers.
MG (Multiple Group) holding just like Multiple Hauliers is owned by Rajinder Singh Baryan, Manvir Singh Baryan and Tarlochan Singh Chajja Singh.
The transporter has turned the mercy of courts to ensure its survival obtaining injunctions to stop lenders from auctioning its property.
dguguyu@ke.nationmedia.com
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