Printer Friendly

GHC seeks to raise $190m in bond issue.

MANAMA: Gulf Holding Company (GHC) started trading $190 million sukuk bond issue of its subsidiary Villamar Sukuk Company on Dubai International Financial Exchange (DIFX) yesterday.

The floating rate trust certificates of the five-year international sukuk offering will be at a profit rate of 275 basis points over the three-month London Interbank Offered Rate (Libor).

It was arranged by Merrill Lynch International (MLI) and was jointly lead-managed by Al Rajhi Banking and Investment Corporation of Saudi Arabia.

MLI were also the mandated book-runners for this issue, which successfully closed on April 18.

"The successful floating of the sukuk and now its subsequent listing on the DIFX, as promised, is a clear vindication of this particular initiatives value proposition which includes a very competitive profit of 275 basis points over the three-month Libor," said GHC vice-chairman and chief executive officer Ahmed Al Ameer.

This five-year international sukuk offering is secured by a charge over GHC's mixed-use development, Villamar@Harbour, in the landmark Bahrain Financial Harbour.

Copyright [c] 2008 Gulf Daily News

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2008 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Gulf Daily News (Manama, Bahrain)
Date:Jun 11, 2008
Words:177
Previous Article:NBB named manager of rights offer.
Next Article:Thailand promises to supply sufficient rice.
Topics:

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |