Abu Dhabi, 09 April 2013: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced today that it had closed an AED 302 million ($82 million USD) syndicated Islamic financing deal for Emirates National Factory for Plastic Industries L.L.C. (ENPI), the UAE's leading manufacturer of plastic packaging solutions and paper products..
This financing will be used in conjunction with ENPI's recent acquisition of 100% share of ENPI Packaging Division by Saudi Printing & Packaging Company - a publicly listed Saudi company (SPPC), the largest publicly traded printing & packaging company in the region. The Technology Division of ENPI has spun-off and been carved-out in conjunction with the acquisition. The acquisition represents a new strategic impetus for ENPI group under the ownership of SPPC, a long term strategic investor in the printing / packaging industry.
ADIB acted as the Mandated Lead Arranger, Sole Bookrunner, Investment and Security Agent Bank for the deal. Other banks that participated in the financing deal included Al Hilal Bank, Mashreq Al Islami as Mandated Lead Arrangers, ADCB, Ajman Bank and FGB as Lead Arrangers.
Commenting on the deal, Arif Usmani, Global Head of Wholesale Banking said: "We are pleased to further strengthen our relationship with ENPI and SPPC by providing this customized syndicated Islamic financing solution. It reaffirms our commitment to the growth and development of the UAE and our desire to further develop cross-border relationships with major GCC/ME conglomerates. This deal further substantiates ADIB as a world-class Corporate Finance and Investment Banking organization with a full suite of Islamic Corporate Finance, investment and equity solutions. In addition, it showcases ADIB's unique capabilities to structure and arrange custom made Shari'a compliant financing, with co-participation of Islamic and conventional financiers."
Nizar Rajoub, Founder and CEO of ENPI commented "We thank ADIB for their valuable contribution to the phenomenal evolution phase of ENPI group. ADIB shared our vision and strongly believed in the company's growth potential. The bank played a critical role in helping ENPI build the foundations for the next phase of our growth. We have been dealing with ADIB since 2009 and we are looking forward to further cementing the relationship with them and thus the position of ENPI Group as a leading provider of paper and plastic packaging solutions".
Saad Al-Azwari, CEO of SPPC and a member of its Board of Directors, said: "We recognize ADIB's main role in structuring this syndicated financing agreement. The bank showed innovation, flexibility, commitment and experience in customizing the deal to our specific needs. This acquisition is part of our strategy to pursue inorganic growth opportunities and we are very excited to add ENPI to our portfolio of businesses and look forward to fully leverage the potential synergies and growth opportunities from this acquisition. SPPC was well prepared for growth in accordance with the board's strategic plan, for there has been a desire for expansion in the packaging sector and ENPI has a number of supplementary products that will prove mutually beneficial."
SPPC was established in Jeddah in 1963. It specializes in the production of daily newsprints , publications and journals, in addition to packaging and printing solutions
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About ADIB:
Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Emiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan on 18th April 1999.
ADIB's vision is to be a top-tier, global Islamic financial services group and its mission is to provide Islamic financial solutions to the global community.
The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles.
ADIB's core values, reflected in all its activities are: Simple and Sensible; Transparent; Mutual Benefit; Hospitality and Tolerance; and Shari'a inspired. It brings to its customers banking as it should be.
ADIB -Awards:
1. Sheikh Khalifa Excellence Award - Gold category - in 2012.
2. Best Islamic Bank in the UAE by Global Finance in 2012 for three consecutive years.
3. "Best Overall Bank in the UAE in customer service" in 2012) by Ethos Consultancy
4. "Best Call center Award in the UAE" for 2012 by Ethos Consultancy for two consecutive years.
5. Best Branch Award in the UAE by Ethos Consultancy for 2012 for two consecutive years
6. Best Islamic Bank in the UAE by EMEA Finance magazine for 2012
7. Best Islamic Bank in the UAE by Islamic Finance News magazine for 2012
8. Best Islamic Bond by International Financing Review for 2012
9. Best Co-branded card and best covered card by Banker Middle East for 2012
10. Best Islamic card and best co-branded card by Smart Card Middle East for 2012
11. Human Resource Development award by Emirates Banking Institute and Finance for 2012
12. Best Islamic Investment strategist of the year by Islamic Finance News for 2012
13. Excellence in Islamic Banking Award by the International Alternative Investment Review for 2012
14. Best Islamic Retail Bank by Islamic Finance News for 2012
15. Best Corporate deal of the year by Islamic Finance News for 2012
16. Best Mudarabah Deal of the year by Islamic Finance News for 2012
17. Best Syndicated deal of the year by Islamic Finance News for 2012
18. Best UAE deal of the year by Islamic Finance News for 2012
For media information, please visit www.adib.ae or contact:
Lamia Hariz
Corporate Communications
ADIB
Mobile: +971 2 4128093
Email: Lamia.Hariz@adib.ae
© Press Release 2013
