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UBL arranges Rs 620m loan for Nishat Mills

RECORDER REPORT

KARACHI: The United Bank has arranged a syndicated loan of Rs 620 million for Nishat Mills Ltd. to finance its value-addition machinery.

A signing ceremony regarding the syndication of loan was held in Lahore recently.

Umar Mansha signed the agreement on behalf of the NML.

Along with the UBL, other financial institutions are HBL, Saudi-Pak Agriculture and Investment Bank Ltd. and Gulf Commercial Bank Ltd.

The syndicated Term Loan Facility will be used to finance the debt portion of Nishat Mills Ltd. and Narrow Width Piece Dyeing Plant which is to be set up in Lahore.

This plant is aimed at increasing the value-added share of sales for Nishat Mills.