Arkan lists $1bn sukuk - Emirates24|7

Arkan lists $1bn sukuk

 

Dar Al Arkan International Sukuk Company yesterday listed its $1 billion sukuk on the Bahrain Stock Exchange (BSE), the company said.


The sukuk has been listed on the Dubai International Financial Exchange and Malaysia’s Labuan International Financial Exchange.

The sukuk is the second to be issued by Dar Al Arkan, a residential real estate developer in Saudi Arabia. The five-year sukuk issue, based on an Ijara structure, will mature in 2012 and pays an annual return of 2.25 per cent above Libor payable to the sukuk holder every three months.


In March 2007, the company closed its inaugural sukuk at $600m, marking the first sukuk to be issued by a Saudi corporate in the international capital markets and the largest ever issue to list on the BSE.

Dar Al Arkan recently announced the successful close of its IPO on the Saudi Tadawul All Share Index. The offering saw the company’s founding shareholders dilute their existing shareholding by 11.01 per cent, equal to a total of 59,454,000 shares.

The IPO was the largest ever non-governmental listing in Saudi Arabia.

 

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