Nov 09 2007 |
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$130 million sukuk for Berber Cement closed
DUBAI -- A signing ceremony was held in Dubai yesterday where Liquidity Management Centre (the mandated arranger), Emirates Islamic Bank (the co-arranger) and Alpen Capital (the financial adviser) announced 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 in Sudan 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 (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.
A Musharaka structure involves a special purpose vehicle (SPV) issuer entering into a joint venture agreement with the finance seeking party. The purpose of the Musharaka is to genrate profits.
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Comments By Our Users (1)
Salam for everyone,
I am now doing a research on wakala bel-ististhmar contract. Anyone who has access to Berber Cement Company Sukuk term sheet or structure is welcome to contact me at my email: iqbal.jusoh@gmail.com.
Thanks.
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