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Al Rajhi Cement Investment Company has mandated three firms to arrange $595 million worth of Islamic bonds, or Sukuk.
The mandated co-arrangers for the issue are Siraj Capital, Al Aoun Capital Group and Capital Investments. The Sukuk is considered the first of its kind in the cement industry across the region and it will finance Al Rajhi Cement's investments in the region, with the incorporation of new cement plants and the expansion of one existing facility.
The signing of the agreement took place in Amman, represented by SamerBerekdar, CEO of Al Rajhi Cement, Ibrahim Mardam Bey, CEO of Siraj Capital, Maher Othman VP of Siraj Capital, Bassam Fadel Ali, CEO of Al-Aoun Capital and Haytham Kamhiyah, general manager of Capital Bank / deputy chairman of CapitalInvestments.
Commenting on the agreement, Ibrahim Mardam Bey said: “We look forward to workingon this asset backed transaction and hope it will be a benchmark for Sukuk structures in our region.”
Bassam Fadel Ali said: “There has been growing interest in the Islamic Finance sector inthe region and we are proud to be a contributing factor in developing these competencies.”
Haytham Kamhiyah added: “Al Rajhi's choice in our institutions is a testimony to our ability to support and lead financial development in the region.
“We welcome Al Rajhi and look forwardto strengthening our collaboration with them in their future endeavours.”
Islamic Sukuk sales reached an unprecedented $24.5 billion by the second quarter of this year.
Meanwhile, Samer Berekdar from Al Rajhi Cement Investment, a newly incorporated in the Dubai International Financial Centre, said: 'We are proud of working with such leading financial institutions.
“Their extensive knowledge in issuing financial securities will definitely encourage further cooperation.
“As Al Rajhi Cement Investment, we are confident of our future success based upon Al Rajhi's reputable business standing, our continued investment in assets and human capital and the size of our operations under development.'
Al Rajhi Cement Investment Company is a subsidiary of Al Rajhi Group, which has more than 45 years of experience in the cement industry in Saudi Arabia and the region.
Siraj Capital is a Middle East based investment firm, specializing in developing innovative Shariah compliant investment funds and opportunities focused on the region. Siraj has offices in Jeddah, Riyadh and Dubai.
Al Aoun Capital Group SA is an investment company with a diverse portfolio of international investments in, Financial services, Communications, and Real estate. Al Aoun Capital Group has offices in Panama City, Amman, and Madrid.
Capital Investments is the investment banking arm of Capital Bank, wholly-owned by the Bank. Capital Investments demonstrates broad experience in all areas of corporate finance, asset management and capital markets.
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