Sukuk issue for Berber Cement closes


Bahrain: Liquidity Management Centre, Emirates Islamic Bank and Alpen Capital (ME) Ltd yesterday announced the closure of the $130 million sukuk issue arranged for Berber Cement Company.
The $130 million sukuk proceeds along with $70 million equity contribution by Berber Cement Company's shareholders will be used to complete the development and construction of the $200 million Berber cement project over the next 18 months.
The sukuk will be for seven years with an average life of 4.75 years and paying semi-annual fixed returns.
The issue was fully subscribed for by major regional institutions such as Emirates Islamic Bank, Bahrain Islamic Bank, Sukuk Exchange Centre (Tadawul) and Liquidity Management Centre, Boubyan Bank, Sharjah Islamic Bank, Khaleeji Commercial Bank, Masraf Al Rayyan and BLOM Development Bank.

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