Manazel general assembly gives nod to Dh2.6b sukuk

Dubai

Manazel Real Estate said on Tuesday its general assembly authorised the board of directors to issue a Dh2.6 billion sukuk for a period of 5-7 years.

The sukuk can be issued in the UAE or elsewhere. Manazel’s general assembly also approved not to distribute the 2017 dividend, the company said in a filing on the Abu Dhabi Securities Exchange bourse’s website.

Shares of Manazel closed 5 per cent lower to Dh0.51 in Abu Dhabi. The Abu Dhabi Securities Exchange general index closed at 4,479.49, down 1.33 per cent.