|
BERBER US$ 130 million INVESTMENT AGENCY
SUKUK SUCCESSFULLY CLOSED
Bahrain – 23 September, 2007 – Liquidity Management
Centre BSC (the Mandated Arranger), Emirates Islamic
Bank PJSC (the Co-Arranger) and Alpen Capital (ME) Limited
(the Financial Advisor) announced today the successful
closure of the US$ 130 million Sukuk issue arranged
for Berber Cement Company.
The US$ 130 million Sukuk proceeds along with US$ 70
million equity contribution by Berber Cement Company’s
shareholders will be used to complete the development
and construction of the US$ 200 million Berber cement
project over the next 18 months.
The Investment Agency Sukuk which has been structured
by LMC is the first Musharaka structure based on al-Wakala
bel Istithmar contract between the Investment Agent
Berber Cement Company acting through its agent – National
Cement Company PSC – Dubai, UAE (the Wakeel) and the
Sukukholders acting through their agent – Berber Sukuk
Company BSC – Bahrain (the Issuer). The Sukuk will be
for seven years with an average life of 4.75 years and
paying semi-annual fixed returns; promoted and fully
supported by a guarantee from Berber Cement Company’s
GCC based shareholders; National Cement Company PSC
from Dubai, UAE; National Holding Company from Abu Dhabi,
UAE; The Arab Investment Company SAA from Riyadh, Saudi
Arabia (TAIC); and Islamic Corporation for the Development
of the Private Sector (ICD) a member of the Islamic
Development Bank group in Jeddah, Saudi Arabia.
The Sukuk was fully subscribed for by the following
major regional institutions; Emirates Islamic Bank as
Co-Arranger; Bahrain Islamic Bank, Sukuk Exchange Centre
(Tadawul) and Liquidity Management Centre as Senior
Lead Managers; Boubyan Bank and Sharjah Islamic Bank
as Co-Lead Managers; and Khaleeji Commercial Bank, Masraf
Al Rayyan and BLOM Development Bank as Managers.
On this occasion, the Chairman of Berber Cement Company
- Mr. Mohamed Al Ghurair commented; “The Board of Directors
as well as the shareholders and the Higher Management
of Berber Cement Company were instrumental in securing
this financial package - not to forget the team efforts
of LMC and Alpen Capital. Berber Cement Company will
look forward to continue to have future business relations
with them.”
On this occasion, Mr. Ahmed Abbas the CEO of the Liquidity
Management Centre said; “LMC once again with its strategic
partners brings another innovative Sukuk issue to a
successful closure – and through the Berber Sukuk issue
LMC is now extending its offering beyond the GCC to
support infrastructure project in the MENA region.”
Mr. Abdulla Shuwaiter, the General Manager at Emirates
Islamic Bank and on behalf of the Sukuk Managers commented;
“We are very pleased to be associated with the Berber
project which is promoted by prime regional corporations
and financial institutions and are proud to be participating
alongside the banks and institutions in support of such
important project in the MENA region.”
Mr. Sanjay Vig, Managing Director, Alpen Capital (ME)
Limited commented on this occasion; “The successful
closure of this innovative Sukuk further strengthens
Alpen Capital’s capabilities as Financial Advisors to
prime GCC corporates and institutions. We are thankful
to LMC, Emirates Islamic Bank and the other partner
banks from across the MENA region in making this Sukuk
a landmark transaction.”
BACK TO TOP OF PAGE |
