Shares of inventory monetisation company Supply@Me Capital PLC (LON: SYME) rose 13.2% despite the company not making any new announcements in what looks like a delayed response to Monday’s announcement.
On Monday, the inventory monetisation company announced that it has partnered with Lenovo Financial Services to present SYME’s platform as an alternative solution that compliments LFS’s current vendor programmes to customers in the Middle East, Turkey and Africa.
The agreement’s main objective is to deliver a dedicated inventory monetisation programme to LFS’s customers, allowing them to evaluate the platform's upcoming Shari’a compliant version.
SYME has been on a major expansion drive, having signed multiple agreements with partners from all across the globe, and the latest move is not surprising as it fits into the company’s operation model.
Supply@ME Capital plc Chief Executive, Alessandro Zamboni said: “The signing of this agreement is an important milestone in the Company’s development within the wider META geography and is further proof of the scalability of SYME’s business model;
“This agreement moves SYME a step closer towards its goal of becoming a global inventory monetisation provider. Our partner, LFS, is recognised as the market leader in its industry and provides expertise across a qualified network in the META region, a strong base to foster our inventory monetisation Platform. We are delighted to be working closely with them.”
John Knibbs, Managing Director of LFS, added: “This agreement demonstrates our commitment to providing our customers the widest vendor funding experience possible and we believe that it will allow us to enhance our existing offerings to meet the ever-changing needs of our customers without placing debt on their balance sheet.”
Supply@ME share price
Supply@ME shares rallied 13.2% to trade at 0.60p having risen from Thursday’s closing price of 0.53p.