NMC Healthcare targets up to $350m with debut sukuk

Dubai: UAE-based NMC Healthcare plans to raise between $300 million (Dh1.1 billion) and $350 million with its first international sukuk sale, a document issued by one of the banks leading the deal showed.

The company is marketing the issue of a five-year sukuk, or Islamic bond, with a yield of 6 per cent. Orders for the transaction topped $850 million, the document showed.

NMC, which is among the beneficiaries from recent growth in the Gulf’s health care sector, was included in the FTSE 100 index last year.

It raised a $2 billion loan earlier this year provided by a consortium of banks including Citi, JPMorgan and Standard Chartered, sources said at the time.