Dubai: The Dubai based Stanford Marine Group has charted further progress in its turnaround plan, by securing $45 million from National Bank of Fujairah. The marine company has also brought in a new board of directors.
These follow early this year’s rescue act by Shuaa Capital, which acquired the Dh1.13 billion that Stanford was burdened with. The new bank financing is structured as a bilateral facility for a period of around five years. It will be used to support Stanford’s expansion possibilities in the offshore support vessel sector as well as “optimize capital structure”.
Shuaa s debt buyout In January, Shuaa completed a discounted debt buyout of Stanford Marine Group s Dh1.13 billion debt, resulting in a successful outcome for all parties involved, including the participating banks.
Stanford Marine Group secures financing, gets new board
tradearabia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tradearabia.com Daily Mail and Mail on Sunday newspapers.
بنك الفجيرة الوطني يطلق «أكاديمية التكنولوجيا»
albayan.ae - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albayan.ae Daily Mail and Mail on Sunday newspapers.
ESAG Real Estate partners with National Bank of Fujairah
DUBAI, 2 hours, 27 minutes ago Easa Saleh Al Gurg Group (ESAG), one of UAE’s leading business conglomerates, said its real estate unit has announced a partnership deal with the National Bank of Fujairah that will provide the tenants at all its properties with the option to pay their rent in monthly direct debit installments. The forward-thinking collaboration will provide greater flexibility to tenants who have traditionally paid rent by cheque through quarterly installments. ESAG Real Estate is one of the first private sector landlords in UAE to offer this facility to tenants, said the statement from the company.