Sharjah-based International Foodstuffs Company (IFFCO) has signed a 460 million Emirati dirham ($125 million) financing deal with the UK’s HSBC Bank and Germany’s WestLB.
The loan, with a return set at 1.75 percent above Libor, extends over a five-year period with an option to extend for a further two years, reported Gulf News. The money raised could potentially be used to boost company activities or for debt financing.
According to a source close to the company, HSBC Bank and WestLB are likely to invite local banks to participate in the financing.
Established in 1975, IFFCO is a United Arab Emirates (UAE)-based business house which manufactures and markets a range of mass market fast moving consumer products and industrial products in the frozen food, flour, snacks, oils and fats, chocolates, ice creams, beverages, culinary products, personal care and detergents categories. It also offers logistical services and co-packing in the above categories. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
