20000311

HBL arranges Rs 700m

syndicated loan

for Dewan Motors

RECORDER REPORT

KARACHI: Habib Bank has arranged a syndicated loan of Rs 700 million for Dewan Farooque Motors Ltd.

The syndication agreement was singed on Friday by HBL President Zakir Mahmood, and Managing Director of Dewan Farooque Motors Dewan Mohammad Yousuf Farooqui, in the presence of Asad Amir Khan of the Corporate and Institutional Banking Group.

The syndicate of Rs 700 million includes National Bank of Pakistan, Allied Bank, Askari Bank, Saudi-Pak Investment Company and Bank Al-Falah.

The project is being set up at a total cost of Rs 1.8 billion in Sujawal District, Thatta for the manufacturing of Kia and Hyundai cars.

Speaking at the occasion, the HBL President underscored the vital role of HBL and the banking sector were endeavouring to play in mobilising, and deploying resources on commercial basis and in doing so acting as a catalyst to drive the economy towards sustainable growth.