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Tue 7 Apr 2015 01:37 PM

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Dubai IT provider raises $272m to fund expansion plan

Technology firm Pacific Control Systems raises mix of conventional and Islamic financing structures

Dubai IT provider raises $272m to fund expansion plan

Pacific Control Systems, a Dubai-based information and communications technology provider, has raised 1 billion dirhams ($272 million) in 72-month loans, to partly finance expansion its plans.

NBF Capital, a unit of National Bank of Fujairah, was financial advisor for the deal. It was joined by Al Khalij Commercial Bank QSC as lead arranger, National Bank of Fujairah said in a bourse statement on Tuesday.

The syndication was a mix of conventional and Islamic financing structures, the bourse filing said without giving details of pricing.

Al Khaliji France, Dubai Islamic Bank, United Arab Bank, National Bank of Oman, Ajman Bank and Sharjah Islamic Bank also participated in the loan.

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