| 22 Sep 2007 |
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Berber US$ 130 million Investment Agency Sukuk Successfully Closed
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Bahrain - 22 September, 2007 - Liquidity Management CentreLiquidity Management Centre
BSC (the Mandated Arranger), Emirates Islamic BankEmirates Islamic Bank PJSC (the Co-Arranger) and Alpen Capital (ME)Alpen Capital (ME) Limited (the Financial Advisor) announced today the successful closure of the US$ 130 million Sukuk issue arranged for Berber Cement CompanyBerber Cement Company.'s shareholders will be used to complete the development and construction of the US$ 200 million Berber cement project over the next 18 months.The Investment Agency Sukuk which has been structured by LMCLMC is the first Musharaka structure based on al-Wakala bel Istithmar contract between the Investment Agent Berber Cement CompanyBerber Cement Company acting through its agent - National Cement Company PSC - Dubai, UAE (the Wakeel) and the Sukukholders acting through their agent - Berber Sukuk Company BSC - Bahrain (the Issuer). The Sukuk will be for seven years with an average life of 4.75 years and paying semi-annual fixed returns; promoted and fully supported by a guarantee from Berber Cement CompanyBerber Cement Company's GCC based shareholders; National Cement Company PSC from Dubai, UAE; National Holding CompanyNational Holding Company from Abu Dhabi, UAE; The Arab Investment CompanyThe Arab Investment Company SAA from Riyadh, Saudi Arabia (TAICTAIC); and Islamic Corporation for the Development of the Private Sector (ICD)Islamic Corporation for the Development of the Private Sector (ICD) a member of the Islamic Development BankIslamic Development Bank group in Jeddah, Saudi Arabia.
The Sukuk was fully subscribed for by the following major regional institutions; Emirates Islamic BankEmirates Islamic Bank as Co-Arranger; Bahrain Islamic BankBahrain Islamic Bank, Sukuk Exchange Centre (Tadawul) and Liquidity Management CentreLiquidity Management Centre as Senior Lead Managers; Boubyan BankBoubyan Bank and Sharjah Islamic BankSharjah Islamic Bank as Co-Lead Managers; and Khaleeji Commercial BankKhaleeji Commercial Bank, Masraf Al RayyanMasraf Al Rayyan and BLOM Development Bank as Managers.
On this occasion, the Chairman of Berber Cement CompanyBerber Cement Company
- Mr. Mohamed Al Ghurair commented; "The Board of Directors as well as the shareholders and the Higher Management of Berber Cement CompanyBerber Cement Company were instrumental in securing this financial package - not to forget the team efforts of LMCLMC and Alpen CapitalAlpen Capital. Berber Cement CompanyBerber Cement Company will look forward to continue to have future business relations with them."On this occasion, Mr. Ahmed Abbas the CEO of the Liquidity Management CentreLiquidity Management Centre said; "LMCLMC once again with its strategic partners brings another innovative Sukuk issue to a successful closure - and through the Berber Sukuk issue LMCLMC is now extending its offering beyond the GCC to support infrastructure project in the MENA region."
Mr. Abdulla Shuwaiter, the General Manager at Emirates Islamic BankEmirates Islamic Bank
and on behalf of the Sukuk Managers commented; "We are very pleased to be associated with the Berber project which is promoted by prime regional corporations and financial institutions and are proud to be participating alongside the banks and institutions in support of such important project in the MENA region."Mr. Sanjay Vig, Managing Director, Alpen Capital (ME)Alpen Capital (ME) Limited commented on this occasion; "The successful closure of this innovative Sukuk further strengthens Alpen CapitalAlpen Capital's capabilities as Financial Advisors to prime GCC corporates and institutions. We are thankful to LMCLMC, Emirates Islamic BankEmirates Islamic Bank and the other partner banks from across the MENA region in making this Sukuk a landmark transaction."
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© Press Release 2007
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