Sep 23 2007 |
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Bahrain: $130m sukuk for Berber closed
Bahrain-based Liquidity Management Centre (mandated arranger), Emirates Islamic Bank (co-arranger) and Alpen Capital-ME (financial advisor) announced yesterday the successful closure of the $130 million sukuk issue arranged for Berber Cement Company .The $130 million sukuk proceeds along with $70 million equity contribution by Berber Cement Company 's shareholders will be used to complete the development and construction of the $200 million Berber cement project over the next 18 months.
The Investment Agency sukuk which has been structured by LMC is the first Musharaka structure based on Al Wakala bel Istithmar contract between the Investment Agent Berber Cement Company acting through its agent - National Cement Company - Dubai, UAE (the Wakeel) and the sukukholders acting through their agent - Berber sukuk Company - 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 Company 's GCC-based shareholders; National Cement Company from Dubai, UAE; National Holding Company from Abu Dhabi, UAE; Arab Investment Company SAA from Riyadh, Saudi Arabia ( TAIC ); and Islamic Corporation for the Development of the Private Sector (ICD) a member of the Islamic Development Bank group in Jeddah, Saudi Arabia.
The sukuk was fully subscribed for by the following major regional institutions; Emirates Islamic Bank as Co-Arranger; Bahrain Islamic Bank , Sukuk Exchange Centre (Tadawul) and Liquidity Management Centre as Senior Lead Managers; Boubyan Bank and Sharjah Islamic Bank as Co-Lead Managers; and Khaleeji Commercial Bank , Masraf Al Rayyan and BLOM Development Bank as Managers.
On this occasion, the Chairman of Berber Cement Company Mohamed Al Ghurair said: "The Board of Directors as well as the shareholders and the Higher Management of Berber Cement Company were instrumental in securing this financial package - not to forget the team efforts of LMC and Alpen Capital. Berber Cement Company will look forward to continue to have future business relations with them." Ahmed Abbas the CEO of the Liquidity Management Centre said: "LMC once again with its strategic partners brings another innovative Sukuk issue to a successful closure - and through the Berber Sukuk issue LMC is now extending its offering beyond the GCC to support infrastructure project in the MENA region."
Abdulla Shuwaiter, the General Manager at Emirates 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."
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