Doha: Malabar Gold & Diamonds, one of the top five jewellery retailers in the world, recently concluded a loan syndication transaction to raise Dh300,000,000.
The facility will be utilised to finance the expansion plans of the group as it plans to open 14 new retail stores across GCC and Singapore as well as consolidate their existing banking relationships into a common facility structure. NBF Capital Ltd acted as the financial adviser and book-runner for the transaction which was closed successfully. NBF Capital is a fully owned subsidiary of National Bank of Fujairah and is regulated by the Dubai Financial Services Authority. Not only is this a maiden syndication for Malabar Gold & Diamonds, it also involves a common structure with multiple borrowing entities based in Singapore, Qatar, Oman and UAE to ensure the maximum operational and cost efficiency.
The syndication has a total of five banks participating with National Bank of Fujairah and Mashreq Bank as the Mandated Lead Arrangers, Axis Bank as the Lead Arranger, Commercial Bank of Dubai and Habib Bank Ltd. as the aArrangers. National Bank of Fujairah is the facility and security agent for the transaction. Tamimi and Co acted as the lenders legal counsel and Afridi & Angell acted as the borrowers counsel on the transaction.