ADIB arranges $82m funding for Sharjah firm
Abu Dhabi, April 9, 2013
Abu Dhabi Islamic Bank (ADIB), a key Islamic financial services institution, said it had closed a Dh302 million ($82 million) syndicated Islamic financing deal for Sharjah-based Emirates National Factory for Plastic Industries (ENPI).
A leading manufacturer of plastic packaging solutions and paper products in the emirates, ENPI said the financing will be used in conjunction with ENPI’s recent acquisition of 100 per cent share of ENPI packaging division by Saudi Printing & Packaging Company – a publicly listed Saudi company (SPPC), the largest publicly traded printing & packaging company in the region.
The technology division of ENPI has spun-off and been carved-out in conjunction with the acquisition. The acquisition represents a new strategic impetus for ENPI group under the ownership of SPPC, a long term strategic investor in the printing / packaging industry.
ADIB acted as the mandated lead arranger, sole bookrunner, investment and security agent bank for the deal. The others who took part in the financing deal included Al Hilal Bank, Mashreq Al Islami (as mandated lead arrangers) and ADCB, Ajman Bank and FGB (lead arrangers).
Commenting on the deal, Arif Usmani, the ADIB global head of wholesale banking said: "We are pleased to further strengthen our relationship with ENPI and SPPC by providing this customized syndicated Islamic financing solution. It reaffirms our commitment to the growth and development of the UAE and our desire to further develop cross-border relationships with major GCC/ME conglomerates."
"This deal showcases our unique capabilities to structure and arrange custom made Shari'a compliant financing, with co-participation of Islamic and conventional financiers," Usmani stated.
Lauding ADIB for its support, Nizar Rajoub, the founder and CEO of ENPI said, "ADIB shared our vision and strongly believed in the company’s growth potential. The bank played a critical role in helping ENPI build the foundations for the next phase of our growth."
"We have been dealing with ADIB since 2009 and we are looking forward to further cementing the relationship with them and thus the position of ENPI Group as a leading provider of paper and plastic packaging solutions," he added.
SPPC chief executive Saad Al-Azwari said: "We recognize ADIB’s main role in structuring this syndicated financing agreement. The bank showed innovation, flexibility, commitment and experience in customizing the deal to our specific needs."
"This acquisition is part of our strategy to pursue inorganic growth opportunities and we are very excited to add ENPI to our portfolio of businesses and look forward to fully leverage the potential synergies and growth opportunities from this deal," he added.
Established at Jeddah in 1963, SPPC specializes in the production of daily newsprints, publications and journals, in addition to packaging and printing solutions.-TradeArabia News Service
More Construction & Real Estate Stories
- Drake and Scull awards key supply contract
- FCC wins $702m Doha metro line contract
- SPF Realty sees Dubai project success
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed