MTC Advises Armstrong ZE (Private) Limited On PKR And USD Project Financing

Mohsin Tayebaly & Co. was engaged as borrower’s legal counsel with respect to the following finance facilities to be availed by Armstrong ZE (Private) Limited:

• Financing in the amount of up to USD 25,000,000/- (United States Dollars Twenty Five Million) to be availed from the International Finance Corporation; and

• Finance facility in the Islamic mode of diminishing Musharaka in the aggregate amount of up to PKR 7,000,000,000/- (Pak Rupees Pak Rupees Seven Billion) to be availed from Habib Bank Limited, Meezan Bank Limited, Bank Alfalah Limited and Habib Metropolitan Bank Limited, for which purpose Meezan Bank Limited is intended to be appointed as the investment agent.

The facilities are intended to be availed for the purpose of the construction, development, equipping and placing into operation of a greenfield tyre manufacturing plant, to be located in the Sindh province of Pakistan.

This project is expected to create over 1,800 direct and indirect jobs and help increase the competitiveness of the sector through technology and know-how transfers.

The firm’s scope of work includes full-scope borrower-side advisory.

MTC’s team in this matter is being led by Mehreen Manto (Partner) and includes Kanza Rizvi (Senior Associate) and Kamil Tayebaly (Associate).