Proclad Group Limited Appoints QInvest as its Exclusive Financial Advisor

Doha, August 01 (QNA) - Proclad Group Limited ("Proclad"), the world’s leading provider of protective weld cladding to the oil and gas sector, has appointed QInvest, Qatar s leading investment bank, as its exclusive financial advisor to arrange a multi-tranche syndicated financing for the expansion of its UAE facilities and to fund future projects. The signing ceremony was attended by Mr. Yaseen Jaafar, CEO of Proclad, and Mr. Asar Mashkoor, head of investment banking at QInvest, who signed the agreement on behalf of their respective organizations at Proclad offices, QInvest said today in a press release. Speaking on this occasion, Mr. Yaseen Jaafar said: "We are pleased to announce this transaction with QInvest which represents an important step in the second phase development of our world class cladding facility here in the UAE. This funding will allow us to fully exploit the current market opportunities available to us". For his part, Mr. Asar Mashkoor said: "We are delighted to sign this agreement with Proclad, who are pioneers in their field. We look forward to assisting Proclad finance their growth plans and developing a solid and long term partnership with them in the future". QInvest was licensed by the Qatar Financial Centre Authority in April 2007 and is authorised by the Qatar Financial Centre Regulatory Authority. The firm has authorized capital of USD 1 billion and paid up capital of USD 750 million. With a global presence, Proclad is a multi-disciplined engineering and manufacturing group of companies. In the Middle East, Proclad provides specialist engineering services to the oil and gas sector, and is the worldwide market leader in the protective weld cladding of pipeline and associated components. (QNA)