Meezan Bank Ltd has arranged Rs 4.8 billion syndicated Islamic Finance Facility for DH Fertilisers Limited. DH Fertilisers is amongst Pakistan's leading fertiliser 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 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. The signing ceremony was held at the Dawood Centre to ink the facility agreements between DH Fertilisers and the Banks. The ceremony was attended by Hussain Dawood, Chairman - Dawood Hercules Corporation Ltd, Shahid Hamid Pracha CEO - Dawood Hercules Corporation Ltd and Irfan Siddiqui, President & CEO of Meezan Bank Ltd, along-with leading professionals from participating financial institutions including Shafqaat Ahmed (CEO - Al Baraka Bank), Ahmed Khizer Khan (President and CEO -Burj Bank Ltd).
Speaking on the occasion, 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.
Amir Ali, head of Investment Banking Meezan Bank said that DH Fertilisers Limited (then a part of Dawood Hercules Chemicals Limited) was the first company in Pakistan to completely convert 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 Rs 6.5 billion. He thanked the company for its support at that time which had helped Islamic Banks boost the local Islamic Sukuks' Market.-PR