Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, announced today that it had closed AED 250 million syndicated Islamic financing deal for Emirates National Factory for Plastic Industries L.L.C. (ENPI), 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% with strong representation by local and regional banks.
Commenting on the deal, Tirad Mahmoud, CEO of ADIB said: “We are pleased to deepen our relationship with ENPI and QFIB by providing this customized syndicated Islamic financing solution. It reaffirms our commitment to the growth and development of the UAE, our involvement with Abu Dhabi’s economic diversification and the Abu Dhabi 2030 plan. It is further proof that we have built a world-class Corporate Finance and Investment Banking organization with a full suite of Islamic Corporate Finance, investment and equity solutions. In addition, this deal shows ADIB’s unique capabilities to structure and arrange custom made Shari’a compliant financing, with co-participation of Islamic and conventional financiers.”
Highlighting the key role played by ADIB in structuring the deal, Nizar Rajoub, CEO of ENPI said: “We really appreciate ADIB’s main role in structuring this syndicated financing agreement. They showed innovation, flexibility, commitment and experience in customizing the deal to our specific needs. I thank them for their support and encouragement and look forward to building our relationship with them for our future growth.”
ENPI is majority owned by Qatar First Investment Bank (QFIB), a fully Shari’a compliant investment bank based in Qatar. QFIB was established to capitalize on opportunities created by the rapidly expanding economies of Qatar and the GCC. It is the first, stand-alone, Shari’a compliant investment bank to be licensed and regulated by the Qatar Financial Centre.
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