Estithmar Holding has issued 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 programme, which is listed on the London Stock Exchange’s International Securities Market (ISM).
The 3-year Sukuk offers 8.75% coupons and the mix of investors includes banks, insurance companies and asset managers, with settlement expected in five days.
The Sukuk program is rated qaBBB (stable) on the Qatar National Scale by Capital Intelligence. Al Rayan Investment, The First Investor and Lesha Bank acted as Joint Lead Managers (JLMs) to the issuance.
Mohamad Bin Badr Al-Sadah, group CEO of Estithmar Holding said, “The issuance of the first corporate QAR-denominated Sukuk is a historic milestone for Estithmar Holding. Being listed on the London Stock Exchange’s International Securities Market, this issuance has garnered significant interest from a diverse mix of investors.
“This broad investor appetite is a testament to the confidence in our strategic growth plan across all four of our key divisions: healthcare, services, ventures, and specialised contracting.
The success of the Sukuk Program is a culmination of our broader growth strategy, which aims to achieve an ever-growing investment value for our shareholders and ensure Estithmar Holding’s leadership across all its operating sectors.”
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