Emirates Bank Wraps Up AED 292,000,000 Syndicated Facility For Emirates Float Glass

Emirates Bank announced that the AED 292 million facility for Emirates Float Glass ('EFG') has been successfully closed, and oversubscribed.


Emirates Bank is the Mandated Lead Arranger, and Bookrunner for the transaction. Participating Banks are Abu Dhabi Commercial Bank, Lloyds Bank plc and Commercial Bank of Dubai as Lead Arrangers and Union National Bank as Co-Arranger. The facility will partly fund the project cost of AED 692 Million for setting up EFG's float glass manufacturing facility in Abu Dhabi, UAE.

Mr. Khalid Kalban, Chairman of EFG said: 'We are glad to work closely with Emirates Bank on the float glass project, a significant industrial initiative for the U.A.E.' 'This project complements the long term vision and business mission of Dubai Investments', he added.

The float glass plant expected to be operational by early 2009, will have a production capacity of 600 metric tons per day to manufacture clear, tinted and pyrolytic glass for architectural purposes; and clear and tinted glass for automotive purposes. EFG, incorporated in February, 2006, has a current paid up equity capital of AED 185 Million being held 53% by Dubai Investment Industries (a subsidiary of Dubai Investments) , and 47% by high networth, well reputed individuals and corporates.

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600450 Emirates Bank Wraps Up AED 292,000,000 Syndicated Facility For Emirates Float Glass glassonweb.com

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