Adeem to sell $210m in Islamic bonds

by Reuters Monday, 28 May 2007

Kuwait's Adeem Investment Co. aims to raise $210 million by selling Islamic bonds that are convertible into units of a fund that will invest in hotels and resorts, Adeem said on Sunday.

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Adeem, which was part of a group that bought luxury British car maker Aston Martin for 479 million pounds ($925 million) in March, will also raise $140 million by selling ordinary units in the fund, it said in a statement.
Investors must buy $20,000 worth of sukuk, or Islamic bond, units for every $10,000 of ordinary fund units they buy, Adeem said. Each unit costs $1,000.

The 10-year bonds will pay a 5 % annual return, it said, adding that investors would be able to convert their Islamic bonds into ordinary units of the fund after two years.



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