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The closing ceremony of the Syndicated Structured Finance Facility of Pakistani rupee 10,300 million, availed by Pakistan National Shipping Corporation (PNSC) and structured by Standard Chartered Bank (Pakistan) Limited, was held on Thursday in Karachi onboard PNSC Oil Tanker MT-Lahore at Karachi Port Terminal.
Brigadier Rashid Siddiqi (R), Chairman PNSC graced the occasion as chief guest. In his address, he said PNSC has recently availed the first-ever local currency shipping finance facility in Pakistan. The dual tranche transaction, comprising a syndicated loan and a privately placed TFC issue, was structured by Standard Chartered Bank (Pakistan) Limited. He added that lead arrangers for the deal include Standard Chartered, National Bank of Pakistan (NBP), Askari Bank Limited (AKBL) and Faysal Bank Limited (FBL).
He informed that PNSC is the country's sole national shipping company primarily engaged in three sea transportation trades including multipurpose/general cargo, dry bulk cargo and liquid bulk cargo (crude oil). It operates its general cargo ships on world-wide tramping and chartering operations of vessels.-PR

Copyright Business Recorder, 2011

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