Gems repays $200 million sukuk

Dubai: Gems Menasa Cayman, a unit of Gems Education, redeemed its $200 million (Dh734.6 million), 12 per cent sukuk at the first call date last month.

Following the repayment, the company has sought permission to delist the sukuk from the official lists of Nasdaq Dubai and the Irish Stock Exchange.

The Islamic bond was formally issued by a subsidiary, Gems MEA Sukuk Limited, in November 2013, and was called for repayment at the first call date, approximately five years after its issuance.

Dino Varkey, CEO of GEMS Education, commented: “The GEMS sukuk was a landmark transaction for our business, and represented our first access to the international capital markets.”