Baker McKenzie Acted For Lenders in a Sharia-Compliant Syndicated Facility to Giza Systems and VAS Integrated Solutions
Baker McKenzie Acted For Lenders in a Sharia-Compliant Syndicated Facility to Giza Systems and VAS Integrated Solutions
The deal comprised Murabaha and Mudarabah structures
Global law firm Baker McKenzie has acted as lenders' legal counsel on dual tranche multi-currency facility comprising USD 84 million and (EGP) Egyptian pound 2,800 million to Giza Systems and VAS Integrated Solutions, the subsidiaries of the Saudi Telecom Company.
The financing structure, characterized by distinctive Murabaha and Mudarabah structures, involved the collaboration of multiple banks.
The participating banks in the EGP tranche included ADIB Egypt, Bank ABC Egypt, Crédit Agricole Egypt, Emirates NBD Egypt, Arab Bank Egypt, Abu Dhabi Commercial Bank Egypt, Ahli United Bank Egypt, and Al Baraka Bank Egypt. The banks participating in the USD tranche comprised Bank ABC Bahrain, Ahli United Bank Bahrain, and Abu Dhabi Commercial Bank UAE.
On the successful completion of the deal, Fatima Alhasan, the banking & finance partner at Baker McKenzie in Bahrain, commented, "We are pleased to have played a pivotal role in facilitating this ground-breaking Sharia-compliant syndicated facility which will further support the Giza System Group's expansion plans. This transaction underscores our commitment to delivering innovative legal solutions to our clients, ensuring their success in complex financial landscapes."
The Baker McKenzie Bahrain team was led by partner Fatima Alhasan. It included counsel Victoria Long, associate Abdulrahman Almajthoob, associate Hania Meshref (Cairo), and junior associate Marwa Abdulmalik.
Partner Mohamed Elharmy from Helmy, Hamza & Partners, Baker McKenzie Cairo office played a crucial role in handling the Egyptian law components of the transaction.
