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Al Madina plans Oman's first sukuk issuance in Q1 2013  Join our daily free Newsletter

MENAFN - 14/11/2012

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(MENAFN) Oman's Al Madina Real Estate unveiled plans to issue sukuk bonds in the first quarter of next year, Reuters reported.

CEO Abdlrehman Awadh Barham said the company intends to issue a five-year, USD130 million sukuk through its sister firm Tilal Development Co.

The financial arm of the group, Al Madina Financial & Investment Services, is mandated to arrange the sukuk with other underwriting banks expected to be announced in coming weeks, he added.

The sukuku issuance aims to help fund the Tilal Al Khuwair residential and commercial center, which the company says will become the largest commercial-residential complex in downtown Muscat.

The company is also mulling floating shares but its timing is subject to market conditions and regulatory approval, Barham said.

A sukuk issue could improve the prospects of the IPO, because assets would be pledged to back the sukuk and limit the amount of leverage that the company could take, improving its appeal to investors, Barham added.

 






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