Star signs clinker loan
Star Cement, a subsidiary of Dubai-based ETA-Ascon, has signed a $104 million, 10-year term loan with a group of 10 banks. Abu Dhabi Commercial Bank and Gulf International Bank were the mandated lead arrangers.Joining at syndication were Ahli Bank of Qatar, Ahli United Bank, British Arab Commercial Bank, Commercial Bank of Dubai, First Gulf Bank, National Bank of Abu Dhabi, State Bank of India and United Arab Bank. The funds will be used to finance the construction of a 2.2 million-tonne-a-year clinker plant in Ras al-Khaimah (MEED 7:4:06).
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