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ADIB CLOSES AED302M SYNDICATED ISLAMIC FINANCING FOR ENPI


(The following press release from ADIB was received by e-mail. It was not confirmed by the sender.)

ADIB closes AED 302 million syndicated Islamic financing for ENPI Abu Dhabi, 09 April 2013: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced today that it had closed an AED 302 million ($82 million USD) syndicated Islamic financing deal for Emirates National Factory for Plastic Industries L.L.C. (ENPI), the UAE’s leading manufacturer of plastic packaging solutions and paper products.

This financing will be used in conjunction with ENPI’s recent acquisition of 100% share of ENPI Packaging Division by Saudi Printing & Packaging Company – a publicly listed Saudi company (SPPC), the largest publicly traded printing & packaging company in the region. The Technology Division of ENPI has spun-off and been carved-out in conjunction with the acquisition. The acquisition represents a new strategic impetus for ENPI group under the ownership of SPPC, a long term strategic investor in the printing / packaging industry.

ADIB acted as the Mandated Lead Arranger, Sole Bookrunner, Investment and Security Agent Bank for the deal. Other banks that participated in the financing deal included Al Hilal Bank, Mashreq Al Islami as Mandated Lead Arrangers, ADCB, Ajman Bank and FGB as Lead Arrangers.

Commenting on the deal, Arif Usmani, Global Head of Wholesale Banking said: “We are pleased to further strengthen our relationship with ENPI and SPPC by providing this customized syndicated Islamic financing solution. It reaffirms our commitment to the growth and development of the UAE and our desire to further develop cross-border relationships with major GCC/ME conglomerates. This deal further substantiates ADIB as a world-class Corporate Finance and Investment Banking organization with a full suite of Islamic Corporate Finance, investment and equity solutions. In addition, it showcases ADIB’s unique capabilities to structure and arrange custom made Shari'a compliant financing, with co-participation of Islamic and conventional financiers.”

Nizar Rajoub, Founder and CEO of ENPI commented “We thank ADIB for their valuable contribution to the phenomenal evolution phase of ENPI group. ADIB shared our vision and strongly believed in the company’s growth potential. The bank played a critical role in helping ENPI build the foundations for the next phase of our growth. We have been dealing with ADIB since 2009 and we are looking forward to further cementing the relationship with them and thus the position of ENPI Group as a leading provider of paper and plastic packaging solutions”.

Saad Al-Azwari, CEO of SPPC and a member of its Board of Directors, said: “We recognize ADIB’s main role in structuring this syndicated financing agreement. The bank showed innovation, flexibility, commitment and experience in customizing the deal to our specific needs. This acquisition is part of our strategy to pursue inorganic growth opportunities and we are very excited to add ENPI to our portfolio of businesses and look forward to fully leverage the potential synergies and growth opportunities from this acquisition. SPPC was well prepared for growth in accordance with the board's strategic plan, for there has been a desire for expansion in the packaging sector and ENPI has a number of supplementary products that will prove mutually beneficial.”

SPPC was established in Jeddah in 1963. It specializes in the production of daily newsprints , publications and journals, in addition to packaging and printing solutions - Ends -

Dina Ghandour Account Director

Brunswick Gulf Ltd, Office 807-B, Park Rotana Office Complex, Twofour54, Po Box 77800, Abu Dhabi, UAE Tel +971 (0) 2 234 4600 www.brunswickgroup.com

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