With the 500 million Qatari riyal ($137 million) sukuk issued by Qatar-based Estithmar Holding, the company’s first corporate issuance under its 3.4 billion-riyal program denominated in local currency.
The firm said in an announcement on the Qatar Stock Exchange that the offering represents a major turning point in its history and demonstrates its capacity to diversify funding sources to support its long-term strategic growth plans and objectives.
“The issuance of the first corporate Qatari riyal-denominated sukuk is a historic milestone for Estithmar Holding,” stated the company’s group CEO, Mohammed bin Badr Al-Sadah.
He stated that since it was listed on the International Securities Market of the London Stock Exchange, a wide range of investors have shown a great deal of interest in this offering.
One of the main industrial foundations of Qatar’s economy, Estithmar Holding is a publicly traded Qatari firm with 28,000 workers from 91 different nationalities and a broad portfolio of 66 companies in four key industries.
Banks, insurance companies, asset managers, and other institutional, governmental, and nongovernmental investors have expressed interest in the three-year sukuk, which has an 8.75 percent coupon and is due to settle in five days.
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