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Inzile’s report for January-June is basically in line with what we expected. 61 vehicles were sold in H1 (more than full year 2021), which is good. All major activities seem to proceed according to plan. These are mainly related to the Pinero JV that includes substantial deliveries to the Caribbean over the next year and beyond. Inzile plans to sign with new partners for the Middle East region in Q4’22. We expect these new partners to also participate in a right issue. Inzile has a credit facility, but most likely needs a substantial capital injection. According to Inzile’s “Strategic Plan 2022-24”, they plan to raise around EUR 30m.
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