Elsewedy Electric secures EGP 2bn Islamic loan from 7 banks

Cairo – Mubasher: ADI Capital, the investment banking arm of Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) has successfully arranged combined Islamic financing worth EGP 2 billion for Elsewedy Electric Co's subsidiaries. 

ADI Capital acted as the sole financial advisor and promoter for the transaction.

The funding aims to aid Elsewedy Electric and its subsidiaries expand activities, according to a stock exchange statement on Tuesday.

The bank consortium consists of seven banks, namely ADIB Egypt, Al Baraka Bank - Egypt, National Bank of Kuwait – Egypt (NBK-Egypt), Industrial Development Bank, MidBank, Agricultural Bank of Egypt, and Egyptian Arab Land Bank.

Elsewedy Electric is a leading fully integrated energy solutions provider in the MENA region. It owns more than 31 industrial buildings and operates in 48 countries worldwide.

On 26 September, Elsewedy Electric said it will sign the final agreement to obtain credit facilities from 7 banks on Tuesday, 27 September. The announcement was made in line with recently-circulated news titled: shares of the 7 banks involved in Elsewedy Electric’s EGP 2 billion financing; signing taking place within days.

It is worth noting that during the first half (H1) of 2022, Elsewedy Electric registered EGP 2.02 billion in its consolidated net profits after income tax, compared to EGP 1.74 billion in H1-21.

The company’s revenue stood at EGP 38.96 billion in H1-22, a yearly rise of 49.80% when compared to EGP 26.01 billion.

Mubasher Contribution Time: 27-Sep-2022 08:34 (GMT)
Mubasher Last Update Time: 27-Sep-2022 08:37 (GMT)