We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Thu 18 Oct 2007 09:08 AM

Font Size

- Aa +

Two sukuk programs announced

Liquidity Management Centre, Emirates Islamic Bank and Alpen Capital (ME) Ltd yesterday announced the closure of the $130 million sukuk issue arranged for Berber Cement Company.

Liquidity Management Centre, Emirates Islamic Bank and Alpen Capital (ME) Ltd yesterday announced the closure of the $130 million sukuk issue arranged for Berber Cement Company.

The $130 million sukuk proceeds, along with a $70 million equity contribution by Berber Cement Company's shareholders, will be used in the development and construction of the $200 million Berber cement project over the next 18 months.

The sukuk will be for seven years with an average life of 4.75 years and paying semi-annual fixed returns.

The issue was fully subscribed by major regional institutions such as Emirates Islamic Bank, Bahrain Islamic Bank, Sukuk Exchange Centre (Tadawul) and Liquidity Management Centre, Boubyan Bank, Sharjah Islamic Bank, Khaleeji Commercial Bank, Masraf Al Rayyan and BLOM Development Bank.

In other sukuk news, Al Rajhi Cement is to issue $595m of sukuk to finance regional investments. The issue was organized by Siraj Capital, Al Aoun Capital and Capital Investments.

Arabian Business: why we're going behind a paywall