October 05, 2007	Friday	Ramazan 22, 1428

KARACHI, Oct 4: Engro Chemical Pakistan Limited has signed a rupee syndicate loan of Rs18.3 billion and an Islamic US dollar facility worth $150 million marking the financial closure of its landmark financial plan to raise approximately $1bn to construct a brand new world class Ammonia/Urea fertiliser complex at Daharki, District Ghotki, Sindh.

A statement here on Thursday said that the other sources of debt include a multilateral debt facility of $85 million, issuance of term finance certificates (TFCs) worth Rs4bn, Islamic Sukkuk worth Rs3bn and a sub-ordinated TFC worth Rs6bn.

It said that the sources of equity include rights issues and profit retention. The participants of the rupee syndicate facility are National Bank of Pakistan (which is also the Security Trustee and Agent), Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, Standard Chartered Bank and Bank Alfalah Limited.

The participants of the Islamic US dollar facility are Dubai Islamic Bank, Citi Islamic Investment Bank, Standard Chartered Bank, National Bank of Pakistan, Habib Bank Limited and SAMBA Financial Group.

Speaking on the occasion, Chief Financial Officer Engro Chemical Ruhail Muhammad said the planned expansion would be the world’s largest single train urea plant and also the largest capital investment by a private sector Pakistani company in the corporate history of the country.—APP