Al Kifah signs $160m Murabaha facility
Riyadh, June 3, 2012
Saudi Arabia’s Al Kifah Holding Company has signed a SR600 million ($160 million) syndicated Islamic Murabaha facility agreement with a group of GCC banks.
The mandated lead arrangers for the six-year Murabaha facility are Gulf International Bank (GIB), National Commercial Bank, Samba Financial Group and Banque Saudi Fransi.
GIB Capital, the Riyadh-based investment services arm of GIB, acted as the financial advisor to Al Kifah Holding, a leading producer of building and construction materials.
During the signing ceremony of the facility in Al-Khobar last week, Saleh Al Afaliq, director of finance of Al Kifah Holding, thanked the participating banks for their confidence in the company.
He added that access to long term funding will strengthen the company’s balance sheet and facilitate its planned growth.
Srinivas Vemparala, CEO of GIB Capital, said: “We are pleased to have provided financial advice to Al Kifah Holding in their syndicated Murabaha facility. This facility will further strengthen the group’s balance sheet and prepare them for their future growth.” – TradeArabia News Service