Lovells advises on Pakistani Islamic loan

Lovells has scooped the mandate to advise the underwriters of an Islamic loan for a Pakistani energy plant.

The firm advised Dubai Islamic Bank, Citi Islamic Investment Bank, Standard Chartered Bank, National Bank of Pakistan, Habib Bank and SAMBA Financial Group on the $150m (£73.61m) sharia compliant syndicated loan to fund the Engro Chemical plant.

Lead partner for the Lovells team, Shibeer Ahmed, said: “It has been a busy first six months for our new office in Dubai. Since we launched in May, the team has closed transactions in financing totalling $6bn (£2.94bn) in value.”

The financing incorporates three tranches including a $300m (£147.23m) loan syndicated to local banks, a $65m (£31.90) loan and an Islamic sukuk worth $50m (£24.54m).

Lovells worked alongside Pakistani law firm Mandviwalla & Zafar while Engro was represented by Khozem Haidermota & Co.