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DP World raises US$1.2 billion in sukuk to be listed on the Nasdaq
DP World has raised US$1.2 billion in a new seven-year sukuk to be listed on the Nasdaq financial exchange in Dubai.
The funds raised from the latest sukuk will be used to fund the company's ongoing global expansion.
The issue of the sukuk, an Islamic financial certificate, similar to a bond in Western finance, received strong investor interest and was two times oversubscribed, receiving more than $2 billion in bids, a company statement said.
This new sukuk issue followed the port operator's successful refinancing of $1.1 billion of the existing $1.5 billion 2017 sukuk. The remaining $387 million 2017 sukuk matures next year and was at the time the largest and first 10-year sukuk done in the region.
"We have taken advantage of attractive market conditions to successfully execute the first tender offer in the region and issue a new sukuk to drive our ongoing growth strategy," said DP World CEO Sultan Ahmed bin Sulayem.
The funds raised from the latest sukuk will be used to fund the company's ongoing global expansion.
The issue of the sukuk, an Islamic financial certificate, similar to a bond in Western finance, received strong investor interest and was two times oversubscribed, receiving more than $2 billion in bids, a company statement said.
This new sukuk issue followed the port operator's successful refinancing of $1.1 billion of the existing $1.5 billion 2017 sukuk. The remaining $387 million 2017 sukuk matures next year and was at the time the largest and first 10-year sukuk done in the region.
"We have taken advantage of attractive market conditions to successfully execute the first tender offer in the region and issue a new sukuk to drive our ongoing growth strategy," said DP World CEO Sultan Ahmed bin Sulayem.
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