November 29, 2017 / 5:39 AM / a year ago

UAE-based Phoenix Group raises $205 mln loan

DUBAI, Nov 29 (Reuters) - Phoenix Group, a Dubai-based agricultural and food company, has secured a $205 million borrowing base loan, it said in a statement.

The funding was provided by a group of seven institutions led by Standard Chartered in Singapore, including First Abu Dhabi Bank, BNP Paribas, RaboBank, ICICI Bank, Shinhan Bank and the OPEC Fund for International Development.

The company will use the financing to expand its rice business in India, Asia and Africa.

Phoenix Group was established in 2000 as a rice trading company in Singapore. It operates in 22 countries, generating revenues in excess of $2 billion, according to its statement. (Reporting by Davide Barbuscia; Editing by Sherry Jacob-Phillips)

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