24 September 2007
MANAMA -- Bahrain-based Liquidity Management Center BSC (mandated arranger), Emirates Islamic Bank PJSC (co-arranger) and Alpen Capital (ME) Limited (financial advisor) announced on Saturday 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'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 PSC -- Dubai, UAE (the Wakeel) and the Sukuk holders acting through their agent -- Berber Sukuk Company BSC -- Bahrain (issuer). The Sukuk will be for seven years with an average life of 4.75 years and paying semi-annual fixed returns.
MANAMA -- Bahrain-based Liquidity Management Center BSC (mandated arranger), Emirates Islamic Bank PJSC (co-arranger) and Alpen Capital (ME) Limited (financial advisor) announced on Saturday 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'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 PSC -- Dubai, UAE (the Wakeel) and the Sukuk holders acting through their agent -- Berber Sukuk Company BSC -- Bahrain (issuer). The Sukuk will be for seven years with an average life of 4.75 years and paying semi-annual fixed returns.
By Mehmood Rafique
© Arab News 2007
