Stanbic Bank Kenya is pleased to announce the successful financial close of a landmark transaction with National Cement Company Ltd (“NCCL”), securing a KES 4.3 billion term debt facility. This facility aims to partially refinance NCCL’s foreign currency liabilities incurred during the company’s expansionary capital expenditure phase.
The partnership between Stanbic Bank and NCCL is driven by a shared vision to bolster production capacity and contribute to infrastructure development in Kenya and across East Africa. This strategic alignment underscores Stanbic Bank’s commitment to supporting key industries and fostering sustainable economic growth in the region.
Mphokolo Makara, Executive, Head: Energy and Infrastructure East Africa at Stanbic Bank, commented, “As Stanbic Bank, we understand that our purpose to drive Kenya’s growth is through partnerships with key industry players like National Cement. NCCL’s local and regional market insights position their operations as catalysts of sustainable growth through domestic employment and manufacturing capacity.”
Stanbic Bank provided NCCL with a comprehensive financial solution, including local currency term debt and bespoke foreign currency forwards, as a Senior Lender. This tailored approach optimized the client’s foreign currency exposure relative to domestic operations and addressed challenges posed by volatile FX market dynamics.
Alakh Kohli, Executive, Head of Corporate and Investment Banking, at Stanbic Bank Kenya and South Sudan, said, “This transaction underscores our commitment to fostering innovation and supporting the expansion efforts of leading corporates in Kenya. We are proud to facilitate this milestone for NCCL and look forward to continued collaboration in driving economic progress.”
The KES 4.3 billion term debt facility will empower NCCL to continue delivering high-quality construction inputs at competitive prices, furthering economic and infrastructure development initiatives. As a key supplier across East Africa, NCCL’s operations are integral to driving growth and prosperity in the region.
Established in 2008, National Cement Company Ltd is East Africa’s leading integrated clinker and cement manufacturer and plays a pivotal role in Kenya’s construction industry.
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