MANAMA - Kuwait-based International Investment Group IIGK.KW (IIG) plans to sell five-year concertible Islamic bonds, or sukuk, worth $150 million to fund expansion plans, the firm said on Thursday.
The sukuk will give the right to holders to exchange them into IIG shares, the statement said, without giving more details.
IIG Vice President for Corporate Finance Sanjeev Sharma said the size of the sukuk sale may increase depending on demand.
A roadshow to market the sale is due to start on May 15 in Bahrain, and Barclays Capital BARC.L is the lead arranger, the statement said.
Sharma told Reuters by telephone from Kuwait that it was too early to discuss the pricing of the sukuk, which will be used to fund the firm’s expansion plans. He declined to give further details.