Vakson to raise Dh185m

Jebel Ali Free Zone-based Vakson Group has signed an agreement with National Bank of Fujairah (NBF) to raise Dh185 million through a syndicated facility, a statement said on Tuesday.

The loan will be used by an associate company – Vakson Real Estate – for financing medium-term working capital requirements.
NBF was the initial mandated lead arranger and book-runner for the facility. Among other banks, Bank of Baroda and State Bank of India joined as mandated lead arrangers, First Gulf Bank as arrangers and Habib Bank AG Zurich as co- arrangers. The three-year facility will provide Vakson with additional working capital to strengthen its enviable market position.

"We are extremely pleased to have been appointed as the lead manager for this facility and to have successfully closed this syndication with Vakson. This closure is clear evidence NBF has not only expanding product capabilities, but the flexibility and assurance to meet all aspects of its clients' needs," said PB Das, Head of Corporate and Institutions at NBF.

"Corporate finance requirements are now being rolled out by companies throughout the region and we forecast strong growth in the syndicated loan market," Das said.

Ghulam Abbas Vakil, Managing Director and CEO of Vakson Group, said: "One of our key objectives is to be a total solution provider for properties and to create value for owners, developers and end users."