Abu Dhabi Islamic Bank (Adib) has closed a Dh250 million ($68 million) syndicated Islamic financing deal for Emirates National Factory for Plastic Industries (ENPI).

ENPI is the UAE’s leading manufacturer of plastic packaging solutions, paper products and technologically-advanced plastic cards. ENPI is majority owned by Qatar First Investment Bank (QFIB).

The financing will be used to expand ENPI’s production facilities including the construction of a new plant in Industrial City of Abu Dhabi 1, the purchase of new machinery and equipment and the refinancing of the company’s existing conventional debt through Shari’a compliant facilities.

Adib acted as the initial mandated lead arranger, sole bookrunner and investment and security agent bank for the deal. Other banks that participated in the financing deal include Al Hilal Bank and Mubadala GE Capital as lead arrangers, Al Khalij Commercial Bank  (al khaleeji), Ajman Bank and First Gulf Bank as arrangers.

The facility was well received by the market and was oversubscribed by more than 30 per cent with strong representation by local and regional banks.

“We are pleased to deepen our relationship with ENPI and QFIB by providing this customised syndicated Islamic financing solution,” stated Tirad Mahmoud, chief of Adib.

“We really appreciate Adib’s main role in structuring this syndicated financing agreement,” added Nizar Rajoub, chief executive of ENPI.-TradeArabia News Service