Bank Audi , Banque Misr, and Abu Dhabi Islamic Bank have finalized from submitting information memorandum regarding the Islamic Sharia-compliant finance with value of EGP 1.5 billion for Al-Nouran Sugar company.
The 8 to 10-year syndicated loan will finance the establishment of a sugar factory in Salhia City in Sharkia governorate.
An official source in one of banks arrangers said there are 9 banks initially agreed to participate in financing Al-Nouran Sugar, notably Egyptian Arab Land Bank (EALB), Al-Baraka Islamic Bank and United Bank.
The International Company for Leasing (Incolease) and Segolease officially moved back, but the banks agreed to raise the financing value from EGP 1.2 to 1.5 billion due to the high cost of establishing the factory.
It is worth mentioning that Al-Nouran Holding Company is an importer, exporter, marketer and distributor of goods; mainly raw materials and white sugar. Al-Nouran Sugar Company received the Industrial Development Authority’s approval over the establishment of a factory in Salhia City in Sharkia Governorate in the third quarter of 2010.