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FINANCIAL NEWS
Ooredoo to issue USD1.25 b sukuk
27 Nov 2013
(MENAFN) Ooredoo announced the successful pricing of the inaugural USD1.25 billion issuance (sukuk) under its recently established USD2 billion Trust Certificate Program which was four times over-subscribed. The sukuk is to be issued by Ooredoo Tamweel Limited, a special prupose vehicle wholly owned by Ooredoo.
The sukuk will mature on December 3, 2018 and will have a profit rate of 3.039 percent. It will be listed on the official list of the Irish Stock Exchange and admitted to trading on its Main Securities Market.
Net proceeds from the sale of the Sukuk will be used by Ooredoo for general corporate purposes including re-financing existing indebtedness.
Dr Nasser Marafih, Chief Executive Officer, Ooredoo Group, said: “The strong demand we saw for Ooredoo”s first Sukuk from investors demonstrates the strength of Ooredoo”s business and the growing maturity of Sukuk certificates as a debt instrument in the global financial markets. The Sukuk further diversifies our investor base and enhances our financial flexibility to execute our business strategy.”
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