RGE clinches top spot in natural resources finance at Bonds, Loans & Sukuk Middle East Awards 2024

RGE Wins Natural Resources Finance Deal of the Year at Bonds, Loans & Sukuk Middle East Awards 2024

Dubai, United Arab Emirates – RGE, a Singapore-headquartered multinational group of resource-based manufacturing companies, has clinched the prestigious Natural Resources Finance Deal of the Year at the Bonds, Loans & Sukuk Middle East Awards 2024. This accolade comes in recognition of RGE’s successful closure of a US$1 billion Sustainability-Linked Loan (SLL) earlier this year.

The Bonds, Loans & Sukuk Middle East Awards, established in 2014, celebrates the most innovative and groundbreaking deals in the Middle East region. RGE’s SLL stood out for its innovative structure, including a US$150 million Murabaha term facility that is AAOIFI-compliant, marking the company’s first foray into Islamic financing.

Patrick Tan, Head of Banking at RGE, expressed his gratitude for the award, highlighting the strategic importance of the Middle East for the company’s expansion plans. The SLL, which was oversubscribed by 1.4 times, received strong support from a consortium of eight Mandated Lead Arrangers and Bookrunners, underscoring confidence in RGE’s growth trajectory.

The US$1 billion SLL will be utilized to bolster RGE’s agribusiness operations and facilitate expansion across various product lines, contributing to the bioeconomy. The loan is tied to key performance indicators aimed at promoting sustainability practices, including traceability verification, renewable energy utilization, and collaboration with NDPE-compliant suppliers.

RGE’s commitment to responsible growth and sustainability is evident in its transition to SLLs, reflecting a proactive approach towards environmental and social stewardship. The company looks forward to strengthening partnerships with financial institutions in the Middle East to further support green financing initiatives in the region.