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Mazoon Electricity signs Islamic financing contract worth $235 million
By: Times News Service
Muscat: Mazoon Electricity Company (MZEC), a subsidiary of Nama Holding, announced the signing of its debut Islamic financing facility for an amount of $235,000,000.
The proceeds will be used to finance the capital expenditure plans of MZEC for 2021 mainly comprising investments in the electricity distribution and supply network in its license areas in Oman.
The facility is structured as a 2-year Ijarah bridge facility marking the first Islamic bank facility for Nama Group that has in the past raised several conventional bank loan facilities and issuances in the debt capital markets under RegS and 144a format, including a 10-year $500,000,000 debut Sukuk in 2017. The facility received interest from regional banks of Bahrain, Kuwait and United Arab Emirates with 12 financiers participating in the facility and an oversubscribed order book.
National Bank of Bahrain s Q1 net profit soars to $41m
MANAMA, 8 hours, 24 minutes ago National Bank of Bahrain (NBB) has reported a 1.3% increase in its net profit attributable to equity shareholders to BD15.6 million ($41.4 million) for the three months ended 31 March 2021, compared to BD15.4 million ($40.8 million) last year. The increase in net profit is predominantly due to lower provisioning levels this year, as 2020 included precautionary provisioning requirements attributable to the worldwide Covid-19 pandemic. Furthermore, 2021 results underscore the strong group fundamentals given the significant market changes that have occurred subsequent to the first quarter of the previous year. Basic and diluted earnings per share at 8 fils ($2 cents) for the first quarter remained at the same level of the same period of 2020.
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