Business News

Published: Thursday April 25, 2013 MYT 12:00:00 AM
Updated: Friday April 26, 2013 MYT 12:44:52 AM

Saudi’s Al Bayan Group issues RM200mil sukuk

KUALA LUMPUR: Al Bayan Group Holding Co, a Saudi-based conglomerate, has issued a RM200mil sukuk out of its inaugural RM1bil Sukuk Wakalah Programme.

The sukuk is the first Malaysian Ringgit Sukuk Programme to be established by a Saudi corporate issuer, and the first issuance by a Saudi corporate issuer of ringgit-denominated sukuk in the Malaysian debt capital market to date.

Dr Abdulrahman Al Hammad, chief executive officer of Al Bayan, said the group’s inaugural sukuk issuance in Malaysia was a significant landmark in the group’s evolution and growth story.

“We are proud of this achievement and look forward to further capitalising on the opportunities for raising Islamic capital available globally.

“We thank the joint lead managers and all other involved parties for their support in making this transaction a resounding success,” he said in a statement yesterday.

The sukuk programme is structured under the Shariah principle of Wakalah and Ijarah. Hong Leong Islamic Bank Bhd (HLISB) and HSBC Amanah Malaysia Bhd are the joint principal advisers and joint lead arrangers of the sukuk programme.

HLISB and HSBC are also the joint lead managers, together with Kenanga Investment Bank Bhd and Al Hilal Bank as the manager in the UAE. The Guidance Financial Group acted as the financial adviser to Al Bayan.

Al Bayan is a diversified company, with businesses that include the specialist construction of various types of public infrastructure, the supply of a wide range of equipment and information technology products and services, including the provision of communication networks. — Bernama

Tags / Keywords: News, Business, Business, Business, Al Bayan

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