Abu Dhabi/Kuala Lumpur,17 April 2013 (WAM) – The National Bank of Abu Dhabi (NBAD) has been appointed as the Financial Advisor and Lead Arranger for the fund raising exercises by Cosmos Petroleum ‘&’ Mining Sdn. Bhd. (Cosmos).
Cosmos is an investment, mining and holding company, headquartered in Kuala Lumpur and is an affiliate company of Project Management ‘&’ Development Company (PMD), based in Al Jubail Industrial City, Kingdom of Saudi Arabia. The company will undertake the development of the proposed 25,000 tonne per annum Polysilicon Manufacturing Plant, strategically located at Samalaju Industrial Park, Bintulu, Sarawak, under the SCORE initiative (Project). The $1.6 billion Project will be owned and operated by Cosmos Chemicals Berhad, a subsidiary of Cosmos.
NBAD has been appointed by Cosmos as the Financial Advisor and Lead Arranger to raise funds for the development of this Project. This exercise is expected to bring on-board contribution and participation from local and foreign financial institutions and investors, particularly from the Middle East and Southeast Asia.
Cosmos was granted an allocation of 250 acres of land at Samalaju Industrial Park by Sarawak State for the Project. Sarawak Energy Berhad will supply electricity to the Project. In addition, MIDA/MITI have issued a manufacturing license and pioneer status to this Project. The plant is expected to commence production in 2016.
"The polysilicon project is in line with Sarawak government’s SCORE initiative of promoting green and sustainable energy solutions leading to further development of industrial base in the state," says Majed Al-Ahmadi, Chairman of PMD and Cosmos.
The polysilicon plant, one of the largest in Asia, will be one of the lowest cost polysilicon producers in the world. "NBAD has been appointed as financial advisor to the project based on their excellent track record as a leading project finance and advisory institution," says Anand R. Iyer of Cosmos Petroleum ‘&’ Mining Sdn. Bhd.
"Renewable sources of energy will remain a priority globally, and solar energy in particular is a logical industry to take off and flourish in Malaysia and Asia Pacific region, as well as in the MENA Region. NBAD is supportive of the Polysilicon industry and we are very delighted to have been appointed as financial advisors for this prestigious project" says Mark A. Yassin, Senior General Manager of Global Banking at NBAD.
"NBAD is the preferred gateway for Arab businesses investing in Malaysia. NBAD has extensive cross border financial advisory experience and the capability to support projects with a continuum of financial services," says Leong See Meng, CEO of National Bank of Abu Dhabi Malaysia Berhad (NBAD Malaysia).
Cosmos Project is part of a major heavy industrial manufacturing development in Sarawak and is in line with the State’s Industrial Development Policy to further develop the industrial and manufacturing sectors in Sarawak. With the excellent support from the State Government, MIDA and MITI, complemented by substantial funds from investors, Cosmos and NBAD are committed to the completion of the project which will contribute significantly to the local economy in many ways, including the boosting of various job opportunities for local people.
The signing ceremony was attended by Majed Al-Ahmadi, Chairman of PMD and Cosmos; Anand R. Iyer, Director of Cosmos Petroleum ‘&’ Mining Sdn. Bhd.; Dr. S. Juvarajan, CEO of Cosmos Petroleum ‘&’ Mining Sdn. Bhd.; Mark A. Yassin, Senior General Manager of Global Banking at NBAD; and Leong See Meng, CEO of National Bank of Abu Dhabi Malaysia Berhad.