Estithmar Holding has marked the listing of its first Sukuk in Qatari Riyals on London Stock Exchange (LSE), at the stock exchange’s headquarters. This is the first time that LSE is witnessing listing in Qatari riyals.

 

The market open ceremony for the listing of Estithmar Holding Sukuks was attended by Eng Mohammed bin Bader Al-Sada, Group CEO of Estithmar Holding, in addition to key executives from the company, Shrey Kohli, Head of Debt Capital Markets and Issuer Services in LSE, members of the LSE team, and a group of media representatives. 

 

The ceremony was also attended by representatives of the joint lead managers of the issuance and Qatari financial institutions; Mohammed Ismail Al-Emadi, CEO of Lisha Bank, Ahmed Hashem, acting CEO of Dukhan Bank, Akber Khan, acting CEO of Al Rayan Investment and Haithem Katerji, CEO of The First Investor. The ceremony was attended also by Charbel AbuCharaf, Managing Partner, White and Case Qatar in addition to representatives of legal and consultancy firms.

 

Successful Sukuk issuance

Estithmar Holding recently announced its successful issuance of the first corporate Sukuk denominated in Qatari Riyals, worth QR500 million ($137.03 million), with an annual profit rate of 8.75%. This issuance is the inaugural tranche of Estithmar Holding’s QR3.4 billion Sukuk programme which earned great interest from investors and governmental and non-governmental institutions. The list of investors included banks, insurance companies, and asset management companies. 

 

Al-Sada said: “This issuance demonstrates confidence in Qatar's robust economy and highlights the ability of the Qatari private sector to expand both domestically and internationally, with support from government initiatives that create a seamless environment where companies can develop and thrive.”

 

Al-Sada also pointed out the importance of the issuance as a milestone for the company: “Today Estithmar Holding operates in 7 countries across four sectors and the Sukuk programme we have listed on the London Stock Exchange is a key component of our growth strategy and will facilitate further expansion and value creation.”--TradeArabia News Service