A'Saffa inks QR300m finance deal
Date
10/2/2017 5:13:53 PM
(MENAFN- The Peninsula) The Peninsula
A'Saffa Foods SAOG, Oman's largest fully integrated poultry and processed food producer and Bank Muscat's Islamic Banking window Meethaq, recently signed an agreement to successfully conclude the financing facilities of OMR31.5m (about QR300m) to finance the company's robust expansion plans, which will continue to make it the largest fully integrated poultry project in the Sultanate.
Dr Nasser Zahir Nasser Al Maawali, CEO of A'Saffa Foods SAOG, and Sulaiman Al Harthy, Deputy CEO from Meethaq signed the financing agreement at a ceremony that was held at the Bank Muscat headquarters in Seeb.
The deal was inked in the presence of Chairman of A'Saffa Foods, Sheikh Rashid Saif Mohammed Al Saadi; CFO, Rafique Chaudhary; Head of Marketing & Sales, Sidhartha Lenka, and senior management from both A'Saffa Foods and Bank Muscat.
The massive expansion project will double the production capacity of A'Saffa Foods from the current capacity of 20 million birds per annum production to 40 million birds per annum; and will comprise the addition of 10 farms with 90 poultry houses, in addition to a hatchery, feed mill, processing plant, and other utilities. Sheikh Rashid said: 'With an annual production capacity of 40,000 tonnes of chicken per annum, the project will have a far-reaching impact on meeting the growing demand of A'Saffa products in the sultanate and beyond; and will also help in the generation of employment opportunities.
On behalf of A'Saffa Foods, Dr Nasser, said: 'We would like to thank the Ministry of Commerce and Industry, regional municipalities, the Ministry of Housing, Ministry of Agriculture and Fisheries, Meethaq Islamic Banking, and related government entities for their support to the expansion project.
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