TIDM93DS

RNS Number : 0007D

TFG Sukuk I Limited

24 June 2021

Name: TFG Sukuk I Limited

Date: 24 June 2021

The First Group ("TFG") would like to announce that it has received the consent of Sukukholders to permanently amend the terms and conditions of the senior secured Sukuk issued by TFG Sukuk I Limited, in order to remove the requirement to fund the Rental Reserve Account, with 100 per cent. of respondent Sukukholders voting in favour of the amendment. TFG, a leading developer and manager of hospitality assets in the UAE, first received consent from Sukukholders to waive the requirement to fund the Rental Reserve Account in August 2020, during the height of Covid-19 restrictions. Although TFG has since seen a rebound in its business, as travel restrictions ease, it believes that it is prudent to remove the requirement to fund the Rental Reserve Account to maintain a liquidity reserve.

About The First Group: Headquartered in Dubai, UAE, The First Group is a dynamic, integrated global property developer with a fast-growing portfolio of upscale hotels, residential properties, F&B brands and real estate asset management services. Since its launch, TFG has carved a highly successful niche offering unrivalled property investment opportunities to clients from more than 120 countries worldwide.

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June 24, 2021 10:00 ET (14:00 GMT)

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