NIG to raise $1.5bn from Islamic bonds

National Industries Group (NIG), Kuwait's largest construction materials firm by market value, plans to raise $1.5 billion by selling Islamic bonds, the company's chairman said on Wednesday.

Citibank, Standard Chartered and BNP Paribas are among the arrangers, and presentations to investors will start next week, Chairman Saad Mohamad al-Saad told Reuters.

"The aim of the sukuk is to finance the group's future investments in gas, petrol and petrochemical fields, privatisation projects, and build, operate and transfer (BOT) projects," he said, adding the money would also be used for general financing.

In March, the group received a Baa2 rating from ratings agency Moody's, and pricing would be determined after a roadshow covering Europe, Asia and the Middle East, Saad said.

The sukuk would most likely be listed in London, he added.

In April, NIG said it planned to invest 200 million dinars ($694.2 million) in a petrochemical project in Saudi Arabia.

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