Business | Banking
Gulf Holding plans to list sukuk on DIFX
Gulf Holding Company (GHC), a Kuwaiti holding company, plans to list its subsidiary Villamar Sukuk's successful $190-million sukuk issue on the Dubai International Financial Exchange (DIFX).
- Staff Report
- Published: 00:31 April 24, 2008
Dubai: Gulf Holding Company (GHC), a Kuwaiti holding company, plans to list its subsidiary Villamar Sukuk's successful $190-million sukuk issue on the Dubai International Financial Exchange (DIFX).
The issue was arranged by Merrill Lynch International (MLI), and was jointly lead managed by Al Rajhi Banking and Investment Corporation. MLI was also the mandated book-runner for the issue which was launched and priced on April 18.
Floating Rate Certificates of the five-year sukuk offering will deliver a profit rate of 275 basis points over the three-month Libor. The sukuk is secured by a charge over GHC's mixed-use project, Villamar@the Harbour, in Bahrain.
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