Dewa repays Dh3.2b sukuk

Dubai:

State utility Dubai Electricity and Water Authority (Dewa), on Tuesday said it repaid a Dh3.2 billion ($871 million) Islamic bond that was issued in June 2008.

“The payment of the maturity proceeds along with interest was made on June 17, 2013,” according to a statement on Nasdaq Dubai. Dewa earlier this year sold a $1 billion, five-year sukuk to refinance existing debt and fund new investments.

Dewa, a government of Dubai authority and the sole provider of electricity and water in the emirate, issued Dh3.2 billion trust certificates or Sukuk Al Ijarah; Dewa’s debut Sukuk issuance in June 2008.

The Sukuk were issued by Dewa Funding Limited, a special purpose vehicle incorporated in the Cayman Islands and were offered outside of the US. The Sukuk was listed on Nasdaq Dubai.