Qannas partially exits Eastern European loan

Close-ended investment company Qannas Investments announced on Thursday that it has realised a partial exit of a €7m senior secured term loan provided to Integrated Eastern European Fund.

The AIM-traded firm said the original loan was provided in August 2014 to allow IEEF to complete the acquisition of two land plots in high growth tourist areas of Bulgaria and Montenegro.

“Following the realisation, the company has now exited approximately 71% of its exposure in the original loan along with accrued interest,” the company said in a statement.

“The remaining balance of €2.75m has been extended for a period of two years at an interest rate of 12% per annum, plus a 3% arrangement fee on the extended amount.”

Qannas Investments confirmed that Mustafa Kheriba, a director of the company, is also a director of IEEF and its owner Integrated Capital.