Meezan Bank Ltd. arranged a PKR 4.8 billion syndicated Islamic Finance Facility for DH Fertilizers Limited. DH Fertilizers is amongst Pakistan’s leading fertilizer manufacturers and a wholly owned subsidiary of the Dawood Hercules Corporation, (formerly Dawood Hercules Chemicals Limited) one of the largest groups and trusted business names in Pakistan.
The PKR 4.8 Billion Syndicated Islamic Finance Facility was mandated to Meezan Bank as a Financial Advisor & Lead Arranger. United Bank and Allied Bank jointly led the consortium while AlBaraka Bank, BankIslami & Burj Bank were Co-Lead Arrangers of the Facility.
A signing ceremony was held at the Dawood Centre to ink the Facility Agreements between DH Fertilizers and the Banks. The ceremony was attended by Mr. Hussain Dawood, Chairman and Mr. Shahid Hamid Pracha CEO- Dawood Hercules Corporation Limited, Mr. Irfan Siddiqui, President & CEO of Meezan Bank, along-with leading professionals from participating financial institutions including Mr. Shafqaat Ahmed (CEO – Al Baraka Bank), Mr. Ahmed Khizer Khan (President & CEO -Burj Bank Limited).
Speaking on the occasion, Mr. Hussain Dawood said that the Dawood Hercules Group’s underlying philosophy is to work on a partnership basis and form long-term relationships. He also emphasised the Group’s commitment towards Islamic banking and praised Meezan Bank’s support for arranging the Facility.
Adding his words at the occasion, Mr. Amir Ali, Head of Investment Banking Meezan Bank said that DH Fertilizers Limited (then a part of Dawood Hercules Chemicals Limited) was the first company in Pakistan to completely converted its long term bank borrowings to Islamic financing in 2007. The Company at that time had issued the largest ever private sector Sukuk in Pakisan, the issue size of which amounted to PKR 6.5 billion. He thanked the Company for its support at that time which had helped Islamic Banks boost the local Islamic Sukuks’ Market.