Banque Misr is set to underwrite EGP600 million of the EGP1.5 billion Shariah-compliant finance arranged for Noran Sugar Company, a banking official said on Tuesday.
Mohamed Abbas Fayed – Banque Misr’s Vice Chairman – told Amwal Al Ghad that his bank will act as the underwriter by EGP600 million in the Noran Sugar Company’s Islamic finance.
In addition to Noran Sugar’s Islamic finance arrangers Banque Misr, Abu Dhabi Islamic Bank S.A.E. (ADIB Egypt), and Bank Audi Egypt, there are 7 other banks are set to contribute to the EGP1.5 billion finance.
The 7 banks are as follows; Banque Du Caire (EGP200 million), Alex Bank, Egyptian Arab Land Bank (EALB), the Industrial Development and Workers Bank of Egypt (IDWB), Export Development Bank of Egypt (EDBE), Arab Bank, and National Bank of Abu Dhabi – Egypt (NBAD Egypt).
The Islamic finance is designed to establish a new sugar plant for Noran Company located in El-Salheya city of Sharkia Governorate.