Tuesday, Jan 31, 2012
DUBAI (Zawya Dow Jones)--Dubai's Majid Al Futtaim Holding is expected to raise $300-400 million via a planned five-year Islamic bond, or sukuk, which is due to close later Tuesday, a banker familiar with the matter said.
The company has already received orders north of $1.1 billion at a price guidance of 5.9% to 5.95%, the banker, who declined to be identified, told Zawya Dow Jones. Launch, allocation and pricing are expected later Tuesday, he added.
MAF, a privately-owned property, hospitality and retail group active in the Middle East and North Africa region met with investors in the U.A.E., Europe and Asia this week. Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC and Standard Chartered Bank are lead arranging the sukuk sale, according to the banker.
The sukuk are likely to be issued under MAF's recently established $1 billion trust certificate issuance program.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
31-01-12 0940GMT
