Kuwait industrial group eyes $358m loan

Kuwait, May 21, 2012

National Industries Group Holding (NIG), a leading Kuwait-based company engaged in diversified industrial sectors, said it has appointed banks to raise more than KD100 million ($358 million) in a shariah-compliant syndicated loan.

'Lead arranger (Warba Bank) will invite local, Gulf and international banks to participate in this financing,' NIG said in an e-mailed statement on Sunday.

'It comes in line with the strategy and objectives of the bank to support the local economy and local companies,' it added, saying the operation would be compliant with Islamic law. It did not give further details on the use of the proceeds.

Kuwait's Kharafi Group, a major local investor, holds a stake in NIG according to Kuwait Stock Exchange data.-Reuters

Tags: Kuwait | Islamic loan | Kharafi Group | National Industries Group Holding |