Estithmar Holding Announces QR 500M Sukuk, The First Corporate Sukuk In QR (image @EstithmarHLDG)
The Estithmar Holding QPSC has issued a QR 500 million Sukuk (an Islamic financial certificate, similar to a bond in Western finance, that complies with Islamic religious law), the first corporate Sukuk denominated in Qatari Riyal. The issuance marks the inaugural tranche of its QR 3.4 billion Sukuk program, which is listed on the London Stock Exchange’s International Securities Market (ISM).
The three-year Sukuk offers 8.75% coupons and has attracted significant interest from institutional governmental and non-governmental investors, as per the statement released on Qatar Stock Exchange (QSE) website. The investors include banks, insurance companies and asset managers. The settlement is expected to take place within five days.
The Sukuk program is rated qaBBB (stable) on the Qatar National Scale by Capital Intelligence. Al Rayan Investment LLC, The First Investor QSCC and Lesha Bank LLC acted as Joint Lead Managers (JLMs) to the issuance, read the statement.
Also Read: Kannur International Airport Welcomes Its First Qatar Airways Flight With A Warm Gesture
For Estithmar Holding QSPC, the issuance marks a significant milestone, as it projects the company’s bility to diversify funding sources to support its long-term strategic growth plans and objectives.
“The issuance of the first corporate Qatari Riyal-denominated Sukuk is a historic milestone for Estithmar Holding. Being listed on the London Stock Exchange’s International Securities Market, this issuance has garnered significant interest from a diverse mix of investors. This broad investor appetite is a testament to the confidence in our strategic growth plan across all four of our key divisions: healthcare, services, ventures, and specialized contracting”, said Mohamad bin Badr Al Sadah, Group CEO of Estithmar Holding Engineer.
He said Estithmar has witnessed a marvellous growth in the health sector with the progress of The View Hospital in affiliation with Cedars Sinai, the opening of the Korean Medical Center KMC, which sustains our commitment to providing world-class healthcare services to Qatar. He said the contribution to the medical tourism with regional expansion through operating two hospitals in Iraq, and the upcoming completion of the Algerian-Qatari-German Hospital in Algeria also added to the growth.
Also Read: Hamad International Airport Bags ‘World’s Best Airport’ Award; Changi Comes Second
Estithmar Holding QPSC announced the rebranding of its healthcare subsidiary, Elegancia Healthcare W.L.L., to Apex Healthcare W.L.L., renewing its commitment to expanding investments in the healthcare sector and driving international growth, positioning Apex Healthcare as a leading global healthcare provider, in the statement.
“Our services sector, encompassing facilities management, catering, and resource supply, continues to grow both in Qatar and abroad. Our ventures sector is poised for significant success with major projects such as the Rosewood Resort in the Maldives and Rixos in Baghdad, both of which are expected to open in the near future, in addition to the continuous development of our current touristic ventures in Qatar; Al Maha Island, Katara Hills, Maysan Doha and others”, said Al Sadah.
