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Karachi: Meezan Bank Ltd. arranged a PKR 4.8 billion syndicated Islamic Finance Facility for DH Fertilizers Limited. DH Fertilizers is amongst Pakistan’s leading fertilizer manufacturers and a wholly owned subsidiary of the Dawood Hercules Corporation, (formerly Dawood Hercules Chemicals Limited) one of the largest groups and trusted business names in Pakistan.
The PKR 4.8 Billion Syndicated Islamic Finance Facility was mandated to Meezan Bank as a Financial Advisor and Lead Arranger. United Bank and Allied Bank jointly led the consortium while AlBaraka Bank, BankIslami and Burj Bank were Co-Lead Arrangers of the Facility.
A signing ceremony was held at the Dawood Centre to ink the Facility Agreements between DH Fertilizers and the Banks. The ceremony was attended by Mr. Hussain Dawood, Chairman and Mr. Shahid Hamid Paracha CEO- Dawood Hercules Corporation Limited, Mr. Irfan Siddiqui, President and CEO of Meezan Bank, along-with leading professionals from participating financial institutions including Mr. Shafqat Ahmed (CEO – Al Baraka Bank), Mr. Ahmed Khizar Khan (President and CEO -Burj Bank Limited).
Speaking on the occasion, Mr. Hussain Dawood said that the Dawood Hercules Group’s underlying philosophy is to work on a partnership basis and form long-term relationships. He also emphasised the Group’s commitment towards Islamic banking and praised Meezan Bank’s support for arranging the Facility.
Adding his words at the occasion, Mr. Amir Ali, Head of Investment Banking Meezan Bank said that DH Fertilizers Limited (then a part of Dawood Hercules Chemicals Limited) was the first company in Pakistan to completely converted its long term bank borrowings to Islamic financing in 2007.
The Company at that time had issued the largest ever private sector Sukuk in Pakistan, the issue size of which amounted to PKR 6.5 billion. He thanked the Company for its support at that time which had helped Islamic Banks boost the local Islamic Sukuks’ Market.
Signing Ceremony of Syndicated Islamic Financing Facility of DH Fertilizers Limited. (From Left to right)Mr. Saeed Iqbal (Head of Investment Banking -United Bank Limited), Ahmed Khizar Khan (President and CEO -Burj Bank Limited) and Mr. Irfan Siddiqui (President and CEO- Meezan Bank), Mr. Hussain Dawood (Chairman-Dawood Hercules Corporation Limited), Mr. Shafqat Ahmed (CEO – Al Baraka Bank) Mr. Shahid Hamid Paracha (Chief Executive Officer – Dawood Hercules Corporation Limited),and other senior staff members of Meezan Bank, Al Braka Bank and Dawood Hercules Corporation Limited.
For more information, contact:
Meezan Bank
2nd and 3rd Floor PNSC Building,
M.T. Khan Road, Karachi, Pakistan.
Phone: (92-21) 35610582
Fax: (92-21) 35610375
Web: www.meezanbank.com