solutions’ subsidiary Giza Systems inks 2 EGP, USD-denominated credit facility deals

Logo of Arabian Internet and Communications Services Co. (solutions)

Arabian Internet and Communications Services Co.'s (solutions) subsidiary Giza Systems Co. and VAS Co., a subsidiary of Giza Systems, signed Shariah-compliant syndicated credit facility agreements with several banks, led by Abu Dhabi Islamic Bank (ADIB) Egypt and Abu Dhabi Islamic Capital (ADI Capital) as financial advisor.

In a statement to Tadawul today, Jan. 31, solutions said facilities granted to the two companies include a tranche in Egyptian pounds worth EGP 2.82 billion and another in USD worth $84 million.

The participating banks in the Egyptian pound tranche include ADIB Egypt, Bank ABC Egypt, Crédit Agricole Egypt, Emirates NBD Egypt, Arab Bank Egypt, Abu Dhabi Commercial Bank (ADCB) Egypt, Ahli United Bank Egypt, and Al Baraka Bank Egypt.

Those participating in the USD tranche include Bank ABC Bahrain, Ahli United Bank Bahrain, and ADCB UAE.

The financing period is divided into medium-term financing for five years, offering EGP 1.07 billion ($48 million), and short-term funding for one year, granting EGP 1.75 billion ($36 million).

The purpose of this financing is to refinance these facilities under better terms and lower financing costs to support the growth, expansion, and development of solutions' subsidiaries in the region.

The guarantees provided in return are corporate guarantees from solutions, the statement added, noting that there are no related parties to the agreements.