Abu Dhabi Exports Office raises the value of financing facilities for a group "BGN" To 400 million dollars
ABU DHABI, 21st January, 2017 (WAM) – The BGN Group, one of the fastest growing energy and commodities trading companies in the world, announced the signing of an agreement requiring it to refinance and increase its revolving credit facilities, supported by the Abu Dhabi Exports Office, to reach US$400 million. This achievement will be a milestone in the group’s growth process and strengthen its strong position in the international commodity and financial product markets.
The agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, Chairman of the Executive Committee of the Abu Dhabi Exports Office, and Dia Markova, Executive Director of Finance, Strategy, Environmental, Social and Corporate Governance “on behalf of the BGN Group”, with First Abu Dhabi Bank assuming the duties of coordinator and sole lead manager.
The agreement is supported by 14 other lenders from the Middle East, in addition to financial institutions from Mauritius, South Africa, and Taiwan. The list of participating banks included Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Commercial Bank of Dubai, Afrasia Bank, Ras Al Khaimah National Bank, Bank of Mauritius, Trade and Investment Bank (BCP), Emirates NBD, Nedbank Group Ltd. branch in London, Arab Bank, and First Commercial Bank. National Bank of Fujairah, Arab Bank, and Ajman Bank.
The agreement included increasing the value of the revolving credit facilities obtained by the group, from US$282.5 million allocated in 2025 to US$400 million, as the transaction recorded an oversubscription that exceeded expectations, which reflects lenders’ confidence in the strength of BGN’s commercial performance and its ambitious growth strategy.
Roy Florencio, Chief Financial Officer of the BGN Group, said: “The signing of this important agreement, under the supervision of the Abu Dhabi Exports Office (ADEX) and First Abu Dhabi Bank, is a step based on the long-term partnership between the BGN Group and leading regional and international financial institutions, which reflects the confidence of the financial partners in the strength of the group.”
He added that this significant increase in financing facilities supports the group’s endeavors to implement its growth and diversification strategy, and expand its business to include new sectors such as liquefied natural gas and other basic metals.
For his part, Khalil Fadel Al Mansouri, Executive Director of the Abu Dhabi Exports Office (ADEX), said that the increase in financing facilities confirms the office’s continued commitment to supporting Emirati companies, enabling them to expand globally and enhancing their competitiveness in international markets.
He added that this agreement reflects the great confidence in the BGN Group due to its wide base of regional and international lenders. It also enhances the office’s role in mobilizing strategic capital that supports trade flows, economic diversification and the development of future energy value chains, as this partnership contributes to supporting the goals of the BGN Group in its pursuit of achieving its development ambitions and enhancing its role in achieving the global transformation in the energy sector.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related
