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(Plastemart) -- Faysal Bank Ltd
and National Bank of Pakistan will provide finance of Rs 1800 million for
Pakistan's first ever Bi-axially Oriented Poly Ethylene Terephthelate (BOPET)
plant. Total cost of the project is Rs 3.38 billion, out of which Rs 1.8 bln has
been arranged through bank financing.
The plant, with machinery from Bruckner of Germany is expected to go into
production by March 2012 at Port Qasim. The plant is being set up by Astro
Plastics (Pvt) Ltd, an associate company of Ismail Industries Ltd (manufacturers
of Candyland, Bisconni, Snackcity and Astropack). The lead advisors and
arrangers of the financing agreement are National Bank of Pakistan and Faysal
Bank which is also the agent bank and security trustee of the agreement.
mrcplast.com
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