Supreme Economic Court rules in favor of Credit Agricole against TMM

The Supreme Economic Court of Ukraine ruled in favor of an appeal by Credit Agricole Bank (Ukraine), a member of France’s Credit Agricole Group, against TMM Real Estate (FSE: TR61 GR), Interfax reported on Friday, citing a Credit Agricole Bank press release. The Ukrainian court declared the contract, all commissions and interest on a credit line valid. Concorde Capital: We estimate the outstanding loan amount to date at less than USD 1 mln, and thus immaterial for TMM given its scale of operations. We continue to see no significant valuation implications for TMM due to the loan dispute.