Halul Signs US$60 Million Ship Financing Agreement with SMBC

Doha, March 15 (QNA) - Halul Offshore Services Company, a wholly owned subsidiary of Milaha (previously known as Qatar Navigation), has secured an eight year 60 million US$ (QR220 million) ship financing facility with Sumitomo Mitsui Banking Corporation (SMBC), Doha Exchange Website reported Thursday. Proceeds from the facility will be utilized by Halul to fund its ambitious expansion plans. The financing was arranged by Milaha Capital, another wholly-owned Milaha subsidiary which provides corporate finance advisory services to the group as part of its mandate. SMBC is acting as Mandated Lead Arranger, Facility Agent, Security Agent and as Hedging Bank as well. The financing agreement was signed by Sheikh Ali bin Jassim bin Mohammad Al-Thani, Chairman and Managing Director of Milaha and Phillippe Devos, Chief Officer of SMBC Doha QFC Office. Also in attendance were senior executives from Milaha and its subsidiaries, Halul Offshore and Milaha Capital, as well as SMBC. Speaking on the occasion, Sheikh Ali bin Jassim bin Mohammad Al-Thani, said "We at Milaha recognize this facility with a leading bank like SMBC as a token of trust in the company's solid foundation, performance, and strong future prospects. The company will continue to expand its fleet capacity and with this facility will be in a stronger position to compete with other industry majors." "This successful financing highlights the commitment of SMBC group to support the Qatari shipping and offshore industries." said Stanislas Roger, Global Head of Shipping at SMBCE. "With the support of SMBC Doha QFC Office, we look forward to continue working closely with Milaha on the financing of key investment projects," he added. (QNA)