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Bahrain : MUMTALAKAT sets up separate bond and sukuk issuance programmes.

Mumtalakat, Bahraini sovereign fund, has announced the development of separate bond and sukuk issuance programmes in the Irish stock exchange to increase about $1 billion.

Mumtalakat owns stakes in several firms in the kingdom's non-oil sector, including Batelco and Alba. The multi-currency programmes have been assigned a BBB rating by Fitch ratings. Proceeds would be used predominantly to refinance upcoming maturities, according to Fitch.

Established in 2006, Mumtalakat issued a debut five-year $750 million bond in June 2010 and has since printed two small sukuk deals denominated in Malaysian ringgit.

Mumtalakat, traditionally targeted on Bahrain, is aiming investments worldwide and hopes to complete acquisitions in the information and communication technology space.

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Publication:Mena Report
Date:Nov 7, 2014
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