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MENAFN Press - 08/01/2014
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(MENAFN Press) First Energy Bank ("FEB") today announced the signing of a Euro 25 million Murabaha facility with Kore Coal Finance B.V., established in the Netherlands and a subsidiary of Sapinda Holding B.V. The financing will assist Sapinda in enhancing its investments in an internationally operating resource company which owns coal mining assets in South Africa. This Islamic facility supplements the recently concluded conventional Profit Participation Note of Euro 55 million raised by Kore Coal Finance with a similar objective.



The Murabaha facility has been structured on the basis of an attractive return and will be repaid by October 2016. FEB is acting as the Investment Agent and the Security Agent under this Murabaha financing



"FEB is very pleased to extend its network relationships to conclude a Shariah compliant Euro facility, with an affiliate of Sapinda. This transaction marks the long term commitment of FEB to seize attractive and income generating opportunities", said Mr. Mohamed Ghanem, Chief Executive Officer of FEB



"We are very delighted to announce the successful closing of this transaction. We look forward to further diversify in asset classes which can generate similar sustained income streams", said Mr. Tarun Puri, Head of Investment Management at FEB.



About First Energy Bank
About First Energy Bank (FEB) is an Islamic investment bank licensed by the Central Bank of Bahrain and headquartered in Manama, Kingdom of Bahrain. The bank focuses on investments in the production, transportation, storage and refining of hydrocarbons, as well as oilfield services and energy sector technologies. FEB also explores new opportunities to invest in the development of power generation capacity and renewable energy technologies. FEB was established in June 2008, with an authorized share capital of US2 billion and a paid up capital of US1 billion. The bank's shareholders include a range of organizations and individuals with interests in the energy sector from the Kingdom of Bahrain, the United Arab Emirates, Libya, the Kingdom of Saudi Arabia and other countries in the region. About Sapinda HoldingSapinda Holding B.V. is established in the Netherlands, while its largest office is located in London. The group has offices across Europe, Africa and Asia, including London, Berlin, Amsterdam, Johannesburg, Moscow and Hong Kong, and employs a large team of professionals in management, back office and execution functions.Sapinda is a privately owned investment holding company, which focuses on investment opportunities across continental Europe, Asia and Africa. Sapinda manages a global portfolio of long-term holdings in selected sectors and industries, with current focus on agriculture, mining, oil & gas and technology. The group invests in both the private and public sectors.

 


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