Europe Arab Bank, Arab National Bank London and National Bank of Kuwait London are joining the syndicated facility as Underwriters.
The syndicated term loan facility will enable Hikma to expand and penetrate new markets in the MENA region. Further to financing Hikma’s expansion, Arab Bank and Citibank N.A. will also be providing banking services to the acquired entities becoming affiliates to and subsidiaries of Hikma through their extensive networks in the region.
“Our relationship with Arab Bank and Citibank has always stood on solid grounds. This enduring relationship ensures that our financing position remains very strong and will allow us to make further strategic investments across our business. We remain confident that we can continue to deliver strong growth complemented by additional acquisitions, partnerships and in‐licensing activity, in a secure and steady manner with the banking services that are provided by Arab Bank and Citibank in the Middle East and North Africa,” Samih Darwazah, Chairman of Hikma Pharmaceuticals said.
“Hikma Group will be able to benefit from the banking services provided by Arab Bank’s well-entrenched network in the MENA region and in Europe for their ambitious expansion plans in the promising pharmaceutical sector. This landmark deal reflects our role in our customers’ progress, whether domestically or across borders, and affirms our position as a leading global bank,” Abdel Hamid Shoman, Chairman of Arab Bank, said.
“Hikma is a success story in corporate Middle East and we’re happy to be among their key bankers across several geographies around the world,” said Atiq-Ur Rehman, Citi’s Middle East CEO. “We look forward to continuing our support of Hikma’s growth strategy, as well as financing the Group’s subsidiaries in MENA and beyond.”
The representative of Busaiteen on the Muharraq Municipal Council praised the concern of the Prime Minister His Highness Prince Khalifa bin Salman for the infrastructural projects of Muharraq. He said that the Prime Minister’s concern has resulted in early completion of projects and often without much hitch.
Mohammed Abdullah Al Muttawah, representative of Busaiteen on the Muharraq council told the Bahrain News Agency that any project facing delays could be taken up with the premier and an early response was sure.
He said that the parliament had asked the Minister for Works on two of the Busaiteen projects. One of these was the rehabilitation of the rural areas and the second was the completion of the sewerage project.