Singapore, 24th November 2020 – Pelagic Resources Pte Ltd is pleased to announce that it has received credit committee approval from Teybridge Capital to increase the STF credit lines availed to the Company from $5 million to $10 million.
Pelagic has now secured $15m of trade finance from the fund.
In addition to the increased capital limit, the credit committee approval includes an improved cash margin threshold, allowing Pelagic to access adequate liquidity to fund all new business secured during the year.
“We are very pleased to announce our 3rd credit transaction with Teybridge Capital during 2020. The working relationship with the funders continues to grow alongside our physical trading volumes and we are pleased with the operational performance of our business and that of the Teybridge Capital team, which continues to improve. Our businesses continue to grow in tandem and we look forward to making further announcements in this regard over the coming months” said Pelagic group CEO, Tom Baring
“We are wholly committed to supporting Tom Baring’s commodity enterprises” said Teybridge’s Eric Finaughty”.
“And are delighted to once again be able to participate with Pelagic Resources Group and trust that this participation will lead to further the growth of this dynamic group and also contribute to the strengthening of its position as a global trade partner” added Peter Martin of Teybridge.
The Pelagic Resources Group (“Pelagic Resources”) is an established global physical commodity merchant, headquartered in Singapore with offices in South Africa, Zimbabwe & China with a core focus on speciality metal ores. Pelagic was founded in 2016 and has since marketed over 1 million tonnes of chrome concentrates to China, Europe, India and the USA.
Teybridge Capital Ltd (“Teybridge”) is a British Virgin Island domiciled focussed on the provision and facilitation of working capital solutions for international trade to its global client base.