Tuesday, Feb 14, 2012
Gulf News
Dubai Arab Petroleum Investments Corporation (Apicorp), the multilateral development bank of the ten member states of the Organisation of Arab Petroleum Exporting Countries, yesterday announced it has closed a three-year 2.5-billion-riyal (Dh2.44 billion) Islamic syndicated financing facility.
Riyad Bank, Al Rajhi Bank, Banque Saudi Fransi and The Saudi British Bank acted as the mandated lead arrangers, while Riyad Bank is the Murabaha facility agent. The term financing was oversubscribed by the lead arrangers.
The facility, which is Apicorp’s debut syndicated Sharia-compliant financing, is aimed at retaining and increasing its medium-term funding. The UAE Government has a 17 per cent stake in Apicorp.
“This transaction — a continuation of Apicorp’s strategy to significantly strengthen its balance sheet; a strategy first announced in October 2010 when Apicorp debuted its Saudi riyal 2 billion bond,”said Ahmad Bin Hamad Al Nuaimi, chief executive and general manager of Apicorp.
Apicorp doubled its authorised capital to $2.4 billion, increased its paid-up capital by 36 per cent to $750 million, and increased its subscribed capital by 173 per cent to $1.5 billion. Its capital adequacy, after covering callable capital approved in May 2011, is 51 per cent.
By Babu Das Augustine?Deputy Business Editor
Gulf News 2012. All rights reserved.
