KARACHI, June 10: United Bank Limited has successfully arranged Rs250 million syndicated loan facility for Wah Nobel Acetates Ltd.

The facility was signed at a ceremony held at the UBL Head Office here on Monday.

The participant banks in the facility, besides UBL, are National Bank of Pakistan, Bank of Punjab, Soneri Bank Limited, Asian Commercial Bank Limited, Pak Libya Holding Company (Pvt) Limited and Bank Al-Falah Limited.

Wah Nobel Acetates Ltd, is the only manufacturer of acetic acid in Pakistan.

The main sponsors of the company are Wah Nobel Private Limited, which is a joint venture of Pakistan Ordinance Factories, Saab (Sweden) and Almisehal (Saudi Arabia). The Company was incorporated in November 1994 and commenced production in 1999.

The funds raised from the facility would be utilized to restructure the balance sheet of the Company, which is expected to have a positive impact on the profitability.

UBL, while undertaking conventional transactions, is also working on a number of innovative transactions customized to meet specific requirements of its clients.—APP