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Meezan Bank Signs Agreement with Hyundai-Nishat

Meezan Bank, Pakistan’s pioneering Islamic bank and Hyundai Nishat Motor (Private) Limited, a joint venture between three leading international business; Nishat Group, Sojitz Corporation (Japan) and Millat Tractors, have recently signed an agreement for Islamic finance facility worth Rs 5.66 billion.

Related: All New Hyundai Santro Launched in India

The signing ceremony that was held in Dubai, was attended by Irfan Siddiqui- President & CEO Meezan Bank and Mian Hassan Mansha- CEO Hyundai Nishat, along with Mian Muhammad Mansha- Chairman Nishat Group, Mian Raza Mansha- Chairman Hyundai Nishat and Mr Hiroto Murai- Executive Officer & COO Automotive Division of Sojitz Corporation.

Meezan Bank is the sole lead arranger of this Islamic finance facility for Hyundai-Nishat to finance its upcoming vehicle manufacturing project. Hyundai-Nishat aims to introduce a range of vehicles in both passenger and light commercial category through a nationwide network of 3S dealerships.

Related: MIGA Issues $66 Million Worth of Guarantees for Hyundai-Nishat Assembly Plant

The Hyundai-Nishat manufacturing plant is being constructed in the industrial estate of Faisalabad spanning over an area of 70 acres with an investment estimated at over PKR 15 billion. The ground-breaking of the project was done in December last year and commercial operations are scheduled to begin by the end of 2019.

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