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GLOBAL:
Bahrain-based First Energy Bank (FEB) has provided Kore Coal Finance (KCF) a
Murabahah financing facility worth EUR25 million (US$34 million). KCF is a
subsidiary of Sapinda Holding, a privately-owned investment company in the
Netherlands.
The Murabahah facility is structured on the basis of an
attractive return and will be repaid by October 2016. It acts as a
supplementary source of funding to a EUR55 million (US$74.81 million)
conventional profit participation note recently concluded by KCF. The financing
scheme seeks to assist Sapinda in enhancing its investments in an
internationally operating resource company which owns coal mining assets in
South Africa.
Commenting on the deal, Mohamed Ghanem, the bank’s CEO said:
“This transaction marks the long-term commitment of FEB to seize attractive
and income-generating opportunities.” Complementing Ghanem’s remarks, Tarun
Puri, the head of investment management at FEB, notes that the bank looks to
further diversify in asset classes which can generate similar sustained
income streams.
Licensed by the Central Bank of Bahrain, FEB is a Shariah
compliant investment bank which focuses on the production, transportation,
storage and refining of hydrocarbons, as well as oilfield services and energy
sector technologies. The bank's shareholders include organizations and
individuals with interests in the energy sector from Bahrain, Libya, the UAE,
Saudi Arabia and other regional countries.
Established in the Netherlands with a main office in London,
Sapinda is an investment holding company focusing on oil and gas,
agriculture, mining, and technology.
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Tuesday, January 28, 2014
First Energy Bank affords a US$34 million Murabahah facility to Kore Coal Finance - IFN
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