Estithmar Holding QPSC successfully issues a QAR 500 million Sukuk, marking the issuance of the first corporate Sukuk in Qatari Riyal
The Peninsula
Doha: Estithmar Holding QPSC is pleased to announce the successful issuance of a QAR 500 million Sukuk, the first corporate Sukuk denominated in Qatar...
Doha: Estithmar Holding QPSC is pleased to announce the successful issuance of a QAR 500 million Sukuk, the first corporate Sukuk denominated in Qatari Riyal. This issuance is the inaugural tranche of its QAR 3.4 billion Sukuk program, which is listed on the London Stock Exchange's International Securities Market (ISM).
The 3-year Sukuk offers 8.75% coupons and has attracted significant interest from institutional governmental and non-governmental investors. The mix of investors includes banks, insurance companies and asset managers, while settlement is expected in five days.
The Sukuk program is rated qaBBB (stable) on the Qatar National Scale by Capital Intelligence. Al Rayan Investment LLC, The First Investor QSCC and Lesha Bank LLC acted as Joint Lead Managers (JLMs) to the issuance.
The issuance marks a significant milestone for Estithmar Holding QSPC, demonstrating its ability to diversify funding sources to support its long-term strategic growth plans and objectives.
Eng. Mohamad Bin Badr Al-Sadah, Group CEO of Estithmar Holding commented:
