March 13, 2019 (MLN): Engro Polymer and Chemicals (EPCL) has won the “Pakistan Deal of the Year 2018” award at Islamic Finance News (IFN) Awards ceremony held on March 10th 2019, at Ritz Carlton DIFC, Dubai.
Confirming this victory to Mettis Link News, Mr. Mohammad Bilal Ahmed Head of Treasury at EPCL remarked that this is a win for Pakistan on the whole as this was International Finance Corporation (IFC)’s first deal on Islamic Finance in Pakistan and the recognition this entailed will lead way to new opportunities for the corporate sector and the Islamic Finance sector in Pakistan.
He added that an official press release on this occasion will be released shortly.
The IFN Awards honor the best in the Islamic financial industry and are one of the most prestigious awards, highly recognized by the global Islamic capital markets.
Back in November 2018, Engro Polymer & Chemicals Limited (EPCL) entered into an agreement with the International Finance Corporation (IFC) to avail a long term Ijarah based financing facility of up to $35 million.
Among other things, the decision was taken to partially fund the company’s PVC expansion project. This financing was part of an initial Rs.10.3bn expansion plan announced earlier, out of which Rs.5.4bn had already been raised from the issue of right shares.
Syed Abbas Raza – CFO Engro Polymer and Chemicals Limited had said on the occasion: “This financing of US$ 35 million would not only fund our expansion plan but would also bring precious foreign exchange to our country.”
According to Engro Corporation’s official handle on a renowned social media website, “The Ijarah based funding for $35 million is first of its kind done by IFC in Pakistan and will open new avenues for local corporate sector to tap into Islamic Financing.”
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