Term finance for Pakistan's first ever Bi-axially Oriented Poly Ethylene Terephthelate (BOPET) plant has been announced. Faysal Bank Ltd and National Bank of Pakistan will provide finance of Rs 1800 million as per Iqbal Mirza. Total cost of the project is Rs 3.38 billion, out of which Rs 1.8 bln has been arranged through bank financing. The plant, with machinery from Bruckner of Germany is expected to go into production by March 2012 at Port Qasim.
The plant is being set up by Astro Plastics (Pvt) Ltd, an associate company of Ismail Industries Ltd (manufacturers of Candyland, Bisconni, Snackcity and Astropack). The lead advisors and arrangers of the financing agreement are National Bank of Pakistan and Faysal Bank which is also the agent bank and security trustee of the agreement.