National Industries to launch $358 million financing

21/05/2012 08:12 AST

Kuwait's National Industries Group Holding (NIG) said on Sunday it has appointed banks to raise more than 100 million Kuwaiti dinars (358 million US dollars) in a Shariah-compliant syndicated loan.

"Lead arranger (Warba Bank) will invite local, Gulf and international banks to participate in this financing," NIG said in an e-mailed statement.

"It comes in line with the strategy and objectives of the bank to support the local economy and local companies," it added, saying the operation would be compliant with Islamic law. It did not give further details on the use of the proceeds.

Kuwait's Kharafi Group, a major local investor, holds a stake in NIG according to Kuwait Stock Exchange (KSE) data.

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