Dubai : Emirates Bank completes funding of Dh292m for float glass plant

Dubai: Emirates Bank yesterday said the Dh292 million facility for Emirates Float Glass (EFG) has been successfully closed, and oversubscribed. Emirates Bank is the mandated lead arranger, and bookrunner for the transaction. Participating banks are Abu Dhabi Commercial Bank, Lloyds Bank and Commercial Bank of Dubai as lead arrangers and Union National Bank as co-arranger. The facility will partly fund the cost of Dh692 million for setting up EFG’s manufacturing facility in Abu Dhabi. « This project complements the long term vision and business mission of Dubai Investments, » Khalid Kalban, chairman of EFG said in a statement. The plant will have a capacity of 600 metric tonnes per day to manufacture clear, tinted and pyrolytic glass for architectural purposes; and clear and tinted glass for automotive purposes. EFG has a current paid up equity capital of Dh185 million being held 53 per cent by Dubai Investment Industries (a subsidiary of Dubai Investments), and 47 per cent by high networth, well-reputed individuals and corporates. Source: El watan