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The ARY Group has signed a tripartite agreement in Dubai to set up a automated gold refinery for the production of bullion bars and cutting and polishing of jewellery, said a press release on Wednesday.
The agreement was signed between Management Consultants, Sirajuddin Cassim (Pvt) Ltd, and First Standard Investment Bank Ltd, Pakistan, for five-year term finance facility of $25 million for ARY Aurum Plus.
The facilities of ARY Aurum plus will consist of a gold refinery with a capacity of over 100 tonnes per year.
The facility would also be used for the procurement of automated equipment for minting coins, small and large bullion bars, detailed crafting, cutting and polishing of 18k, 20k and 22k gold jewellery as well diamond and precious stone jewellery and other products related to the sector, it added.
The press release also said the ARY Aurum plus will now be redefining the gold and jewellery industry and attracting gold miners from across the globe.
The agreement was signed by Yaqoob Iqbal, director, ARY Group, Sirajuddin Cassim, Management Consultant (Pvt) Ltd/chairman CEO, and former president Karachi Stock Exchange and Fuad Kehar, Group Head Corporate Finance, First Standard Investment Bank Ltd.
ARY Group Chairman Haji Abdul Razzak Yaqub, former Corporate Law Authority and Monopoly Control Authority chairman Khalil Masood, ARY Group Director Sarwar A. Razzak, and ARY Group Treasury head Ayman Shahin were also present at the signing ceremony.
According to the press release, the ARY Aurum plus, gold and jewellery refining and production complex located in the Dubai Metals and Commodities Centre, is a major step to further promote the vision of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister to establish Dubai as a leading center for international business.-PR

Copyright Business Recorder, 2004

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