Business Services Industry
Banks close US$70 million syndicated Murabaha financing facility.
Middle East and North Africa Business Report, March, 2006
Mar. 13--Emirates Islamic Bank and ABC Islamic Bank (the "Arrangers") have successfully closed syndication for a 3-year amortizing syndicated Murabaha financing facility with a total of $ 70 million for Esfahan Steel Company, Islamic Republic of Iran ("ESCO").
The transaction has received strong support from the general syndication market and the Facility has been over-subscribed. The participants in the Facility include many of the leading regional Islamic and conventional institutions.
The signing ceremony was held in Bahrain on the 2nd of March 2006, and was attended by Mr. Behram Sobhani Chairman and Managing Director of Esfahan Steel Company, Mr. Mehrdad Choubineh Director of Financial Affairs of its Parent and Guarantor Iran Mines and Mining...
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