BNP Paribas arranges syndicated loan facility of USD 54.45 million for Damas LLC

The 3-year term loan facility was signed yesterday by the nine participating banks, which include Gulf International Bank B.S.C., BNP Paribas, ABN Amro Bank N.V., Lloyds TSB Bank plc, First Gulf Bank, National Bank of Fujariah, Ahli United Bank B.S.C., Habib Bank AG Zurich and International Bank of Qatar (Q.S.C.).

The term loan facility is intended for general corporate purposes including restructuring and improving the borrowing profile of DAMAS LLC. It will also provide the Company the financial support for its ongoing expansion in the retail jewellery segment.

Speaking on the occasion, Mr. Michael PEREIRA, Head of Territory - BNP Paribas Dubai, said the Bank was glad to have been associated with the DAMAS group who is known for its integrity, professionalism and dynamic business growth. DAMAS is the largest business house active in the Gold and Diamond market in the region.

Mr. Tawhid ABDULLAH thanked the banks for the trust reposed in the company. He also added that DAMAS has recently submitted an application to the Ministry of Economic Affairs to launch a AED 1.1 billion IPO (Initial Public Offering) for which they are currently awaiting an approval.