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UAE Freezones Biz News Updates
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UAE-based Phoenix Group raises $205m loan
The funding was provided by a group of seven institutions including First
Abu Dhabi Bank
Phoenix Group, a Dubai-based agricultural and food company, has secured a
$205m borrowing base loan, it said in a statement.
The funding was provided by a group of seven institutions led by Standard
Chartered in Singapore, including First Abu Dhabi Bank, BNP Paribas,
RaboBank, ICICI Bank, Shinhan Bank and the OPEC Fund for International
Development.
The company will use the financing to expand its rice business in India,
Asia and Africa.
Phoenix Group was established in 2000 as a rice trading company in
Singapore. It operates in 22 countries, generating revenues in excess of
$2bn, according to its statement.
Registered in Dubai Multi Commodities Centre (DMCC), the company is now set
to become the world’s largest rice business by volume and a major player in
the global agri foods industry, with the group aiming to double its turnover
in the next three to five years, added the statement.
Phoenix Group’s chairman, Gaurav Dhawan, said: “This heralds a new beginning
in the financial structuring of Phoenix and would provide both liquidity as
well as operative efficiency, which we hope to see translate to business
competitiveness and increase of volumes and our market share.
“The successful closure demonstrates the continued confidence of our
supporting institutions for which, we remain grateful.”
November 29, 2017 |
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Courtesy Gulf Business.
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