Monday, Feb 13, 2012
DUBAI (Zawya Dow Jones)--Saudi Arabia-based Arab Petroleum Investments Corp., or Apicorp, said Monday it has raised 2.5 billion Saudi riyals ($667 million) in a three-year, syndicated shariah-compliant facility from four local lenders as it seeks to boost its balance sheet strength.
The facility, closed on competitive market terms, is aimed at retaining and increasing its medium term funding, Apicorp, which is owned by the 10-member Organization of Arab Petroleum Exporting Countries, or OAPEC, said in an emailed statement.
Riyad Bank, Al Rajhi Bank, Banque Saudi Fransi and Saudi British Bank acted as the mandated lead arrangers for the facility. The term financing was oversubscribed by the mandated lead arrangers, the statement added.
The multilateral development bank last month reported an 86% increase in fourth-quarter net profit that, it said, would help bolster its fiscal stability in an ongoing challenging economic environment this year.
Apicorp, in which the U.A.E. government has a 17% stake, provides equity and debt financing, advisory and research to help develop the hydrocarbon and energy sectors in the Middle East and North Africa.
Headquartered in Damman, in Saudi Arabia's Eastern Province, the bank targets projects in the upstream and midstream sectors along the oil and gas value chain, including refining, pipelines and logistics among others, across the Mena region.
In May 2011, Apicorp said its general assembly had decided to increase its subscribed, authorized and paid-up capital in a bid to position itself for further growth.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
13-02-12 0644GMT
