ABC Islamic Bank (E.C) and Emirates Islamic Banks PJSC jointly close USD70 million syndicated Murabaha financing facility for Esfahan Steel Company

The 11-strong syndicate comprises the following banks:

Arrangers
ABC Islamic Bank (E.C.)
Emirates Islamic Bank PJSC

Senior Lead Manager
Commercial Bank of Qatar (Q.S.C.)
Dubai Islamic Bank
Melli Bank plc

Lead Manager
Bahrain Islamic Bank B.S.C

Co-Lead Manager
Amlak Finance PJSC
British Arab Commercial Bank Limited
Jordan International Bank plc

Manager
Banque Intercontinentale Arabe
The Arab Investment Company S.A.A

ESCO is a leading steel producer in the Islamic Republic of Iran, and commenced production in 1971. It is a leading wholly owned subsidiary of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) which in turn is fully owned by the Ministry of Industries and Mines - Government of Islamic Republic of Iran. ESCO employs 9,000 people and produces a wide range of steel products. In 2004/05 ESCO achieved a production level of 2.29 million tons per annum.

For fiscal year ending March 20, 2005, ESCO recorded net earnings of US$952 million, an increase of 38% over 2003/04. ESCO's total assets recorded an increase of 31% to US$2.36 billion, whilst the total net worth was recorded at US$772 million, as at year end March 20, 2005.

For further enquiries, please contact:

Arab Banking Corporation
John McWall
Head of Syndications
Tel. (+973) 1754 3967
Fax. (+973) 1753 2248

Farrukh Zaheer
Syndications
Tel. (+973) 1754 3238
Fax. (+973) 1753 2248

Hammad Hassan
ABC Islamic Bank (E.C.)
Tel. (+973) 1754 3366
Fax. (+973) 1753 6379

Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com

Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.

For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions