Saudi Arabia-based Dar Al Arkan Real Estate Development Company on Thursday announced closing the fifth tranche of sukuk issuance under its dollar-denominated Islamic sukuk programme at a value of SAR 1.875 billion ($500 million).
The order book for the sukuk sale started on Tuesday, 13 March and closed on Wednesday14 March, according to a statement to the Saudi Stock Exchange (Tadawul).
The fifth tranche of the sukuk programme will be matured by 2023 with a 6.88% annual profit ratio, the statement showed.
“The issuance received significant interest from international market participants with the order book reaching SAR 4.5 billion ($ 1.2 billion),” the statement added.
The Saudi real estate developer appointed Alkhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Nomura, Noor Bank and Standard Chartered Bank to manage the issue of the sukuk programme’s fifth tranche.
In April 2017, the Tadawul -listed company announced the successful closing of the fourth tranche of sukuk issue under its dollar-denominated Islamic sukuk programme worth SAR 1.88 billion ($500 million).
Dar Al Arkan’s stock inched down 0.1%, closing Wednesday at SAR 10.42.