KARACHI, April 13: Faysal Bank has arranged syndicated financing of Rs2.5 billion for Attock Cement Ltd. based on long-term morabaha facility, says a press release. The seven-year facility is for expansion of Attock Cement’s existing cement plant. With the projected expansion production will increase from 2,400 tons per day of clinker to 5700 tons per day. Total cost of the expansion project is $61 million or more than Rs3.6 billion of which Rs1 billion would be arranged by the company itself.

National Bank is co-arranger in this deal and HBL is one of the arrangers as well as advisor. Other banks and financial institutions in the syndicate are Allied Bank, KASB Bank, Pak-Libya Holding Company, Bank of Punjab, Pak-Kuwait Investment Co, Bank Al-Habib, First Women Bank and First Credit & Discount Corporation Ltd.

Attock Cement Ltd. is a leading cement manufacturing company with net sales of Rs1.8 billion.