Commercial Facilities Company successfully closes $50 mln term loan facility with ABC

Loan to boost CFC's capital, facilitate business growth

KUWAIT CITY, April 25: The Commercial Facilities Company (S.A.K) (CFC) announced the successful closing of a term loan facility with the Arab Banking Corporation (ABC) for $50m, for the purpose of funding the company's working capital requirements and facilitate the growth of consumer loans business .

ABC is considered one of the main bankers of CFC given its long standing relationship with the company.
The relationship between ABC and CFC started in 1985 where ABC provided many syndicated and direct loans to CFC.

CFC's Chairman and Managing Director Abdallah Saud Al-Humaidhi expressed his appreciation for the continuous confidence shown by ABC towards the business of CFC and its performance. Moreover, he mentioned that CFC focuses on achieving its clear vision and strategy, as well as emphasizing its keenness to continuously provide products and services that meet the different requirenments of CFC's customers.

CFC established in 1977 as the first Kuwaiti closed shareholding company specialized in offering consumer finance facilities in Kuwait. It has developed its business to become the leading specialist provider of consumer credit in its local market and is also the largest consumer finance company in terms of total assets and shareholder equity. As of Dec 31, 2010, CFC's consolidated total assets and shareholder equity reached KD 297m and KD 161m respectively. It is also listed on the Kuwait Stock Exchange with a market capitalization of KD 197m as of Dec 31, 2010.

© Arab Times 2011