GP Global Group, a diversified commodities to lubricants conglomerate, has undertaken a financial restructuring exercise to combat the challenges that have arisen due to a global economic meltdown amid the ongoing C-19 pandemic. 

 

“While there are several rumours about the financial condition of our group floating around, we would like to reiterate to and assure our partner and stakeholders, that as a highly reputed organisation we are being targeted by vested interests who do not wish to see us succeed and grow higher and higher,” an official spokesperson said.

 

He said the group strongly and vehemently denied all such rumours and added it was being made a victim of blatant lies, by the spreading totally false and factually inaccurate.

 

“We would also like to inform that while we are constantly seeking finance lines to fund our trade, we were unable to get full support from a few financial institutions recently and therefore as a prudent decision, we have undertaken this restructuring exercise which is envisaged to be completed in next few months,” the spokesperson continued.

 

He said the group is confident of attracting new investment in its top class, state-of-the-art and high-value assets, a move that will help it tide away from the current tight cash position, which puts the group in the same position as many other surviving peers in the global trading industry.  

 

“Business wise, we continue to execute trades and our bunkering business, both east and west of Suez, is performing well despite the current financial headwinds faced by the industry. We will further strengthen this flagship vertical of ours as we tie-up new refinancing lines for the same,” the spokesperson said. –Tradearabia News Service