Baker McKenzie advised Al Sharkiyah Sugar Manufacturing Company (Al-Nouran) as borrower in connection with the restructure and top up of a senior Islamic Istisn’a facility and working capital facility for its beet sugar factory in Al Sharqeya governorate.
The finance was provided by a banking consortium led by Banque Misr. The consortium includes Audi Bank Egypt; Abu Dhabi Islamic Bank Egypt; Egyptian Export Development Bank; Arab Bank; Banque du Caire; Abu Dhabi National Bank; Egyptian Arab Land Bank; Egyptian Gulf Bank; Industrial Development Bank of Egypt; Bank of Alexandria; the United Bank; the Arab Fund for Economic and Social Development, and the Islamic Corporation for the Development of the Private Sector.
The factory mainly produces sugar from sugar beets and refine raw sugar into white sugar with a production capacity of up to 12,000 tonnes daily squeezed beet, and a refining capacity of 1,700 tonnes of sugar, in addition to an annual squeezing capacity of 235,000 tonnes, and 318,000 tonnes in refining capacity.
This project aims to bridge the gap between the supply and demand of white sugar in the Egyptian market, which can reach around one million tons annually, thus reduces imports and increases the availability of foreign currencies.
Our team was lead by Cairo office Principal Mohamed Ghannam, Head of Banking & Finance and Energy, Mining and Infrastructure and Partner Lamyaa Gadelhak. Mohamed and Lamyaa were assisted by Associates Mohamed Rasekh and Ahmed Shehata.