UAE's Akron seeking $150 mln loan

 05 Oct 2016 - 14:31

UAE's Akron seeking $150 mln loan


DUBAI: Akron Trade and Transport, a United Arab Emirates shipping company, is in the market to raise $150 million through a syndicated loan, banking sources familiar with the situation said.

Abu Dhabi Islamic Bank (ADIB) is the sole lead bank on the transaction, they added.

The company did not respond to a request for comment. 

Akron has previously raised debt financing with ADIB, according to a statement issued by the bank in 2014 in relation to a $420 million financing arranged for another UAE-based shipping company, Zakher Marine International.

Headquartered in the emirate of Fujairah, Akron specialises in shipping services for the oil sector.