SK Engineering raises $100m from Gulf banks
South Korean firm has worked on a number of Middle East projects
A consortium of banks led by Mashreq has signed a $100 million loan for financing general corporate requirements of South Korea’s SK Engineering & Construction (SK E&C).
Mashreq Bank said the consortium included itself as the exclusive arranger and book runner, Al Ahli Bank of Kuwait, and Commercial Bank of Kuwait as joint lead arrangers.
John Iossifidis, Head of the Corporate and Investment Banking Group at Mashreq, said: “Over last 7 years, we have actively supported SK E&C on 12 key infrastructure and oil and gas projects in the region, including the likes of Ruwais Refinery Expansion Project, Bab Gas Compression Project, and Doha Metro’s Red Line North Underground Project.
“We are proud to support SK E&C as the sole book runner for their syndicated loan facility in the region, which will provide them the necessary cushion in relation to their upcoming financing requirements in the region by diversifying their regional banking relationships. This transaction reiterates Mashreq’s continued commitment to support its clients and the regional economy, which has helped cement Mashreq’s position as a leading bank in contracting finance in the region.”
Ho Eun Hong, Vice President at SK E&C said: “SK E&C has executed various mega-size projects in the Middle East, focusing on oil and gas and infrastructure. Mashreq has always cooperated with SK E&C in a very dedicated and passionate manner by supporting our operations in working capital and contract finance.”
