Metinvest B.V, the parent company of Metinvest steel and mining companies, attracted GBP 15mln commodity trade facility for its steel re-rolling plant Spartan UK based in Newcastle from The Bank of London and The Middle East (BLME).
The Sharia’a-compliant trade finance facility was arranged for 12months with an option for extension. The loan has become first commodity trade loan for the UK plant of Metinvest group of companies. It is also the Group’s first Islamic financing.
There is a gap in the European market for Sharia’a compliant trade financing and we are delighted to use our unique positioning in London and the Gulf, to work with Metinvest on this facility, told Chris Edwards, Head of Commodity Trade Finance of BLME.
The final beneficiaries of Metinvest is SCM holding with 71.2% stake being associated with Ukrainian businessman Rinat Akhmetov, the other 23.8% shares belong to Smart-holding of another local tycoon Vadim Novinskiy.
