NDBIB raises US $ 12mn for largest private sector fuel distributor in Maldives

NDBIB CEO Darshan Perera exchanges the facility agreements with The Hawks Private Limited Chairman/Founder Ahmed Rasheed Hassan in the presence of The Hawks Director Finance/CFO Fathimath Agisa, NDBIB Assistant Vice President Sujani Perera, NDB Bank Manager Legal Neluka Seneviratne, NDB Bank Relationship Manager Corporate Banking Kosol Welungoda, Dheena Hussain of Legal Advisor Shah Hussain & Co. and The Hawks and NDB teams gracing the occasion 

• Facility structured as a revolving credit line via club deal
• NDB contributes US $ 7mn; People’s Bank US $ 5mn

NDB Investment Bank (NDBIB) completed another successful transaction in the Maldives by arranging a US $ 12 million loan facility for The Hawks Private Limited (Hawks), the largest private sector company engaged in the import and distribution of high-quality fuel in the Maldives. 

The facility was structured by NDBIB as a revolving credit line via a club deal with the participation of two leading banks in Sri Lanka, National Development Bank PLC (NDB) and People’s Bank contributing US $ 7 million and US $ 5 million, respectively.

Since its humble beginning in 2007, led by visionary Hawks Founder and Chairman Ahmed Rasheed Hassan, over the years, Hawks has gradually extended its presence in the fuel supply chain and currently engages in importing, shipping, distribution and storage and has developed an extensive product portfolio of high-quality diesel and petrol. 
NDBIB CEO Darshan Perera expressing his thoughts on the successful transaction stated, “Uninterrupted fuel supply is crucial for the Maldivian economy, given its geographical challenges. This is another landmark transaction adding to NDBIB’s cross-border profile showcasing our capacity and unwavering commitment towards a strong footprint in the region. This also endorses our position as the most trusted Sri Lankan investment bank.”

Hawks currently operates a fleet of 17 shipping vessels, which are extensively used in the distribution and storage of fuel. Recently, the company constructed a state-of-the-art fuel storage complex with six fuel tanks totalling 30,000 MT storage capacity in Thilafushi Island, the industrial zone in the Maldives. 
The complex includes a port with a berth draft of 20 metres for cargo loading/discharging of approximately 15,000 MT per day. In addition to the fuel supply business, Hawks operates a boatyard, offering repair and maintenance services to boats and small vessels and two hotels in Kamadhoo and Hulhumale.
“Hawks, being a leading Maldivian company making its mark outside of the resort sector, has recently invested in developing the necessary infrastructure to improve the overall efficiency in the fuel supply and distribution in the country. NDBIB is privileged to have structured and arranged a US dollar facility to support Hawks in its growth journey harnessing its inbuilt strength and potential within the Maldives and beyond,” NDBIB Assistant Vice President Sujani Perera said.

“We are happy to conclude the transaction on a successful note and I would like to thank the Corporate Banking and Legal teams of NDB and Peoples’ Bank and the Maldivian Legal Advisor, Shah Hussain & Co. for all the support extended to us in this endeavour,” she added.

This transaction adds to NDBIB’s long list of successful fund raisings in the Maldives and comes after its successful Initial Public Offering of approximately US $ 16 million for Maldives Islamic Bank PLC.