KUWAIT CITY, April 4, 2013 /PRNewswire/ --
Kuwait's International Financial Advisors KSCC ("IFA") announced today the closing of a 5 year term loan facility between Al Wafir Marketing Services Company KSCC ("Al Wafir") and Kuwait International Bank KSC ("KIB") for an aggregate amount of KD 14 M (approximately US$ 50 Million). IFA acted as the arranger and sole advisor to Al Wafir on this deal.
Othman Al Sumait, Chairman of Al Wafir, said: "This new facility will extend our maturity profile and will fund cost-efficiently the future growth of our operations. As the exclusive BOT operator of Kuwait's central wholesale market for fruits & vegetables, Al Wafir plans to leverage its expertise by entering into a number of businesses related to the food supply chain. We expect this expansion strategy to greatly enhance shareholders value and to position Al Wafir as a leading player in the wholesale food sector."
Loai Mukamis, Chief Executive officer of Kuwait International Bank stated: "KIB has always been eager to adopt lucrative BOT projects, given that Al Wafir Market demonstrates a remarkable representation in terms of execution of such projects." Mukamis added that "One of our primary objectives at KIB is to attract different businesses across the industry to achieve our strategic decision to diversify our financing portfolio."Bassel Attieh, Head of Investments and Executive Vice President of IFA, added: "We wish to thank KIB and Al Wafir for their trust and professionalism regarding this transaction which stands out as one of the few successful senior deals for a BOT project in Kuwait. We were able to work around a number of issues that are inherent to the current Kuwaiti BOT law and which had so far impeded the financing of similar schemes. We hope this transaction will help set a benchmark for the funding of future BOT or PPP concessions that are so critical for the improvement of Kuwait's public infrastructure." About IFA