Abu Dhabi Islamic Bank (Adib) announced today that it had closed an Dh302 million ($82m) syndicated Islamic financing deal for Emirates National Factory for Plastic Industries (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.''