Tuesday, May 21, 2013
(This story was originally published Monday.)
RIYADH (Zawya Dow Jones)--Dar Al Arkan Real Estate Development Co. (4300.SA) plans to issue a U.S. dollar Islamic bond, or sukuk, to help finance its projects, Saudi Arabia's biggest listed developer by assets said on Monday.
It is meeting investors starting today to launch the first tranche of an international sukuk program, Dar Al Arkan said in a statement posted on the Saudi bourse website.
The U.S. dollar-denominated program aims to fund the company's projects and will be issued in several tranches over a 12-month period, it added.
The developer said it has appointed Bank al Khair, Goldman Sachs, Deustche Bank, Emirates NBD, Masraf al Rayan and Qinvest to manage the first tranche issue.
Dar Al Arkan in July last year repaid a 3.75 billion Saudi riyal ($1 billion) sukuk, which was issued as part of its Islamic structured debt program initiated in 2007 to help finance its projects in the kingdom.
Dar al Arkan shares closed up 4.4% at SAR9.55 Sunday.
Write to Ellen Knickmeyer at ellen.knickmeyer@dowjones.com
Copyright (c) 2013 Dow Jones & Co.
(END) Dow Jones Newswires
21-05-13 0345GMT
