Spinneys Group Limited has successfully completed the first phase of a $180million fundraising programme.

The programme will serve primarily to fund Spinneys' aggressive expansion across the MiddleEast, North Africa and South Asia (MENASA) region.

Spinneys has signed a $80-million four-year loan agreement with National Bank of Dubai (NBD). This will be followed shortly by the launch of a $100-million preference share issue, for which NBD Investment Bank will serve as the sole placement agent.

The retail chain, which owns the worldwide Spinneys brand, operates stores in Egypt and Lebanon and has granted a franchise agreement in the UAE only to an independent company.

Spinneys has an enviable record of entering new markets and securing its target segment. It has achieved its success due to the qualitative values maintained across all its outlets, combined with its flexibility to meet the needs of its varied consumer base with a range of store formats.

Spinneys is progressing expansion opportunities in 11 countries in the MENASA region, and has already signed agreements to open stores in Jordan, Pakistan and Qatar. The retailer is currently in the advanced stages to launch operations with joint venture partners in Algeria, India, Iraq, Kazakhstan, Kuwait, Libya, Saudi Arabia and Syria. Spinneys is also in negotiationsto expand its presence in its existing markets.

Abraaj Capital, the premier investment firm specialising in private equity and infrastructure investment across the MENASA region, is leading the retail company's current expansion strategy. Dubai-headquartered Abraaj Capital is the managing shareholder in Spinneys Group Limited. Trade Arabia News Service