Asian Finance Bank To Finance TNB Engineering Corporation For Project In UAE |
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AED87.5 Million facilities for a district cooling system plant and an energy transfer station in Abu Dhabi UAE
Asian Finance Bank's first foray into Abu Dhabi
KUALA LUMPUR --- A contract financing line for AED87.5 million (RM85.2 million) was today signed between Asian Finance Bank Berhad (AFB) and TNB Engineering Corporation Sdn Bhd (TNEC) to part finance the working capital requirements of TNEC for a project in the UAE. TNEC is a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB), Malaysia's vertically integrated power utility.
The contract financing line is to part-finance the 20 month AED155 million contract awarded by Manazel Real EstateManazel Real Estate
PJSC to Abraj CoolingAbraj Cooling LLc (a joint venture between TNEC and Al-Samah Elect A/C & Refrig Co) for a district cooling system plant and an energy transfer station with a total capacity of 30,000 TR (Ton Refrigerant) for the Building Materials City in Abu Dhabi, United Arab Emirates. Building Materials City is a mixed-used development project by Manazel Real EstateManazel Real Estate
in Abu Dhabi measuring 230,000 square meters with a proposed development value of AED6.8 billion. It is being developed as the hub for all of the UAE's commercial services and trading activities related to construction and building materials.
Manazel Real EstateManazel Real Estate
is the primary investor, developer, employer, marketer, financier, and director of this mega project. ManazelManazel has established several mutually beneficial partnerships for this project with respected companies, including United Group HoldingsUnited Group Holdings for real estate investment and CBRE for project analysis in the UAE. "We congratulate TNB and TNEC's joint-venture Abraj CoolingAbraj Cooling
LLc on the successful award for a district cooling system plant and an energy transfer station for Building Materials City in Abu Dhabi," said Asian Finance Bank Chief Executive Officer Datuk Mohamed Azahari Kamil at the signing ceremony held today."AFB has every confidence in TNEC's capability in the field of constructing district cooling system plants and energy transfer stations given their expertise and track record in this area, and the various projects undertaken in the past."
The AFB-TNEC contract financing facility represents the first deal by Asian Finance Bank with a government linked company, a subsidiary of Tenaga Nasional Berhad.
Asian Finance Bank also said that bank would be venturing into more deals for the financing of such projects in the Middle East with the TNB group, other Malaysian companies venturing into business opportunities in the Middle East region and also with companies from the Middle East investing in Malaysia. AFB's current focus is on corporate and investment banking.
"We are pleased to sign up with Asian Finance Bank given AFB's shareholders who have the expertise and financial strength in the field of power, energy, oil and gas, property development, infrastructure, and construction," said TNB President and CEO who is also TNEC Chairman Dato' Sri Che Khalib Mohd Noh.
Signing on behalf of Tenaga Nasional Berhad were Dato' Sri Che Khalib Mohamad Noh and TNEC board member Dato' (Dr) Megat Abdul Rahman bin Megat Ahmad, while signing on behalf of Asian Finance Bank were Datuk Mohamed Azahari Kamil and AFB company secretary Cik Hasnita Sulaiman.
Also present were TNB chairman Tan Sri Leo Moggie and AFB director Mr Fouad Hayeel Saeed.
Asian Finance Bank's current focus is assisting on the development of Malaysian companies which are involved in the Middle East and/or are venturing into the region by providing funding and corporate advisory services.
AFB will be leveraging on the expertise and network of its shareholders who comprise of a consortium backed by leading Middle Eastern financial institutions namely Qatar Islamic Bank and associates (70 per cent), RUSD Investment Bank Inc of Saudi Arabia (20 per cent) and Global Investment House of Kuwait (10 per cent).
As the largest shareholder of AFB, Qatar Islamic Bank (QIB)Qatar Islamic Bank (QIB)
, is currently the second among the world's five Islamic Banks, the second best in Qatar and the 13th largest bank in the Gulf. Over the past few months, AFB and QIBQIB have arranged a USD250 million financing for the Ras Laffan Power and Water project, USD142 million financing to Qatar Electricity and Water CompanyQatar Electricity and Water Company and signed a MOU with Gulf Petroleum for a possible syndicated financing of an oil derivatives project. The project would comprise of an oil refinery, a petrochemicals plant and petroleum terminal at a cost of USD5 billion.
About Asian Finance Bank Berhad (http://www.asianfinancebank.com/)
Asian Finance Bank Berhad (AFB), a full-fledged Islamic bank, was incorporated on 28 November 2005 and backed by a consortium of shareholders from leading Middle Eastern financial institutions - Qatar Islamic Bank and associates (70%), RUSD investment Bank Inc of Saudi Arabia (20%) and Global Investment House of Kuwait (10%). AFB has a paid up capital of RM355 million (USD100 mil) and an authorised capital of RM1 billion.
AFB is committed to being a truly regional bank, offering a complete suite of Shariah-compliant products covering consumer, commercial (including SME and trade finance), corporate, treasury and investment banking. As at 20 August 2008, AFB is headed by its new chief executive officer Datuk Mohamed Azahari Kamil. AFB has opened its first branch bank in Kuala Lumpur in early 2007, and in the next two to five years will increase the number of branches from between five to seven in major cities in Malaysia. AFB has recently opened a second branch in Johor Port, Johor Bahru and has a representative office in Jakarta, Indonesia. It is the second entry into the region, before moving on to other parts of Asia.
About Building Materials City, Abu Dhabi, United Arab Emirates (http://www.bldg-mc.com/new/text/index.html)
Building Materials City in Abu Dhabi marks the beginning of a new era in the astounding growth of the UAE real estate industry. This unique 230,000 square meter development, being developed by Manazel Real EstateManazel Real Estate
in partnership with United Group HoldingsUnited Group Holdings, will be the hub for all of the UAE's commercial services and trading activities related to construction and building materials. As an integrated city with regards to amenities and services, it will reinforce the role of individual companies in the development of the national construction industry. It will also provide the construction materials necessary for the execution of a wide array of future real estate projects, both in the UAE and throughout the region. Building Materials City will bring together the leading companies in all facets of real estate construction and development by providing attractive prices and comprehensive services for its leaseholders and investors. From construction material and decoration companies to real estate developers, engineering and consultancy firms, Building Materials City provides the ideal locale to grow together. It represents a key component of the UAE's future growth and development plans because every current and future real estate project depends on materials and associated services, which will for the first time be available all in one place. In accordance with a governmental decree, this AED 3 billion master development will include the first building materials exchange in the Middle East, attracting international companies and investors to gain a stake in the booming UAE real estate sector. In line with its overall real estate development strategy, Manazel Real EstateManazel Real Estate
is the primary investor, developer, employer, marketer, financier, and director of this mega project. ManazelManazel has established several mutually beneficial partnerships for this project with respected companies, including United Group HoldingsUnited Group Holdings for real estate investment and CBRE for project analysis. Prepared and issued on behalf of Asian Finance Bank Berhad by public relations consulting firm Ghazalie Rafeah Ali & Associates Sdn Bhd. For more information, please contact
Ghazalie Abdullah
03 77259050 or 012 2121090
(ghazalie@gra-pr.com)
Mohd Faizul Mohd Yusof
03 77259050 or 012 9708970
faizul@gra-pr.com
© Press Release 2008
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