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.
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.
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.