09.05.2013 - First Saudi Sukuk issuance in Malaysia by Al Bayan Group
Al Bayan Group Holding Company, a Saudi-based conglomerate, recently issued a MYR 200 million Sukuk out of its inaugural MYR 1.0 billion Sukuk Wakalah Programme – the first Malaysian Ringgit Sukuk Programme to be established by a Saudi corporate issuer and the first issuance by a Saudi corporate issuer of Malaysian Ringgit denominated Sukuk in the Malaysian debt capital market to date. The landmark Sukuk was issued via Al Bayan’s special-purpose vehicle incorporated in Malaysia, ABHC Sukuk Berhad. Proceeds from the issuance, with tenure of three years, will be used by the Group primarily for repayment of existing debt obligations and expanding the Group’s core businesses as well as working capital requirements...............................................Full Article: Source
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