Estithmar Holding Lists The First Corporate Sukuk In Qatari Riyals On London Stock Exchange
By Emmanuel Oluebube, Bureau Chief, UK
Estithmar Holding celebrated this morning the listing of its first Sukuk in Qatari Riyals on London Stock Exchange, at the Stock Exchange’s headquarters. This is the first time that London Stock Exchange has witnessed listing in Qatari riyals.
The market open ceremony for the listing of Estithmar Holding Sukuks was attended by Group CEO of Estithmar Holding Eng. Mohammed bin Bader Al-Sada, in addition to key executives from the company, Head of Debt Capital Markets and Issuer Services in London Stock Exchange, Shrey Kohli members of the LSE team, and a group of media representatives.
The ceremony was also attended by representatives of the joint lead managers of the issuance and Qatari financial institutions; CEO of Lisha Bank Mohammed Ismail Al-Emadi, acting CEO of Dukhan Bank Ahmed Hashem, acting CEO of Al Rayan Investment Akber Khan and CEO of The First Investor Haithem Katerji. The ceremony was attended also by Managing Partner, White and Case Qatar Charbel AbuCharaf in addition to representatives of legal and consultancy firms.
Estithmar Holding recently announced its successful issuance of the first corporate Sukuk denominated in Qatari Riyals, worth QAR 500 million, with an annual profit rate of 8.75 per cent. This issuance is the inaugural tranche of Estithmar Holding’s QAR 3.4 billion Sukuk program which earned great interest from investors and governmental and non-governmental institutions. The list of investors included banks, insurance companies, and asset management companies.
Commenting on the event, Eng. Mohammed bin Badr Al-Sada, CEO of Estihtmar Holding, highlighted the significance of the listing to the Qatari economy, “This issuance demonstrates confidence in Qatar’s robust economy and highlights the ability of the Qatari private sector to expand both domestically and internationally, with support from government initiatives that create a seamless environment where companies can develop and thrive.”.
Al-Sada also pointed out the importance of the issuance as a milestone for the company: “Today Estithmar Holding operates in 7 countries across four sectors and the Sukuk programme we have listed on the London Stock Exchange is a key component of our growth strategy and will facilitate further expansion and value creation.”.
