The loan facility was signed at GIB's head office in Bahrain. Dr. Khaled M. Al-Fayez, GIB's Chief Executive Officer, and Mr. Abdullah S. Al-Humaidhi, Chairman and Managing Director of CFC, attended the signing ceremony. Representatives from other participating banks were also present.
The four-year loan pays a margin of 0.95% over Libor and will be used for general corporate purposes. The amount has been successfully raised and GIB has been joined by a number of local, regional and international banks.
The Commercial Facilities Company was established in 1977 and is the leading consumer finance company in Kuwait. The company is quoted on the Kuwait Stock Exchange.
GIB is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. The six GCC governments, Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the UAE, own 72.5 per cent of the bank, while the Saudi Arabian Monetary Agency and J. P. Morgan Overseas Capital Corporation own 22.2 per cent and 5.3 per cent respectively.
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GIB and Commercial Facilities Company sign a USD 100 million term loan facility
- Bahrain: Monday, February 23 - 2004 at 16:24
- PRESS RELEASE
Gulf International Bank (GIB) and Kuwait-based Commercial Facilities Company (CFC) signed today (Monday) a USD 100 million syndicated term loan facility that has been arranged and fully underwritten by GIB.
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For further information, please contact Mr. Abdulla Naneesh, Corporate Communications, Kingdom of Bahrain. Tel +973 17 522479 Fax +973 17 522656.
Posted by Anne-Birte Stensgaard, Senior News EditorMonday, February 23 - 2004 at 16:24 UAE local time (GMT+4)
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