KFH Group Signs Islamic Financing Facilities Term Sheet for TPL India Singapore
Kuwait Finance House Group (KFH Group) has been mandated to arrange for Islamic financing facilities to TPL India Singapore Pte. Ltd. (TPLIS). This will be the first Islamic project financing transaction in Singapore.
TPLIS is setting up a project to manufacture normal paraffin (NP) with a production capacity of 100,000 metric ton per annum (MTPA). The project is located at Jurong Island (Singapore) and is estimated to cost USD117 million (RM399 million).
TPLIS is part of Tamilnadu Petroproducts Limited (TPL), a leading player in the Linear Alkyl Benzene (LAB) market in India and the only player in South India. TPL’s other activities are in Epichlorohydrin (ECH) and Caustic Soda and Chlorine.
Mr. Emad Al Monayea , Head of International Investments, Kuwait Finance House - Kuwait said that he is extremely proud for the fact that KFH has paved the way for GCC based Islamic Banks to look into new market like Singapore. He added that the government authorities in Singapore are very supportive and receptive for Shariah-based financing.
“We are honoured of this strategic partnership with TPLIS. This is another landmark for KFH, being the first Islamic project financing in Singapore arranged by the KFH Group,†commented Dato’ K. Salman Younis, Managing Director of Kuwait Finance House (Malaysia) Berhad (KFHMB).
“TPLIS brings a pioneer NP Project and Islamic financing, both with significant future potential for Singapore as well as KFH Group,†commented Mr. Ashwin C Muthiah, Director of TPLIS.
The agreement on the term sheet was signed recently by Mr. Emad Al Monayea and Mr.Muthiah. Ms. Aw Kah Peng, Assistant Managing Director of EDB Investments Pte Ltd (EDBI) acted as witness.
EDBI is the wholly-owned investment arm of the Economic Development Board of Singapore (EDB). EDBI was set up in 1991 to invest in Singapore-based projects which have a substantial impact on the development of the industries promoted by EDB. EDBI has strongly supported the NP Project from the very beginning.
© 2008 Al Bawaba (www.albawaba.com)
