Tamweel’s $300m exchangeable Sukuk closes successfully | Tamweel’s $300m exchangeable Sukuk closes successfully -
ein

Tamweel’s $300m exchangeable Sukuk closes successfully

United Arab Emirates: Saturday, January 26 - 2008 @ 11:50

The Sukuk will carry a sub-libor profit rate of 4.31%, payable quarterly in arrears, and the exchange price is $2.2711 which represent a premium in excess of 30% over the past three month volume weighted average market price of the Tamweel share price.

The price also indicates a premium of 21% to the closing price of the Tamweel shares on December 13, 2007. This Sharia-compliant Sukuk is scheduled to mature in 2013 and the proceeds will be used by Tamweel for its general funding and expansion needs.

Adel Al Shirawi, Chief Executive Officer of Tamweel, said: “We are delighted to announce the successful closure of Tamweel’s exchangeable Sukuk, which has been placed with both regional and foreign investors. Issued in the midst of difficult market conditions, the Sukuk was oversubscribed within hours of launch. This success is a testimony to Tamweel’s strong business fundamentals, strategies and investor confidence.”

He added: “Proceeds from the issue will fuel Tamweel’s real estate finance business in the UAE and regional expansion, providing better and more cost-efficient funding mechanisms.”

The Sukuk has been issued by Tamweel Funding Limited, a special purpose vehicle established in Jersey, United Kingdom. Barclays Capital is the Sole Lead Manager and Bookrunner of the Sukuk. Application has been made to list the Sukuk on the Dubai International Financial Exchange. Tamweel shares are listed and traded on the Dubai Financial Market.

Today's Top Stories

Posted by

Saturday, January 26- 2008 @ 11:50 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

AME Info Services







Business DirectoryVIEW ALL

Search by name

Search by industry

Browse alphabetically






JobsVIEW ALL

Search for jobs

Latest Jobs