The Facility has been fully underwritten by ABC Islamic Bank.
This is the debut syndication for Munshaat Real Estate Projects Company and the funds will be used to finance development of prime properties in the Holy Haram area in Makkah and Madinah in Saudi Arabia. Athman Investment Company, Kuwait is acting as the financial advisor to Munshaat Real Estate Projects Company for this financing.
ABC Islamic will shortly launch the senior stage of syndication to regional and international banks.
Summary of the facility is as follows:
Borrower: Munshaat Real Estate Projects Company K.S.C.
Amount: US$100 million
Facility Type: Revolving Murabaha Financing Facility
Purpose: Financing of prime properties in Makkah & Madinah
Term: 3 years
Repayment: Amortizing with six monthly repayments, commencing one year from drawdown. The average life of the facility will be 2.16 years.
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ABC Islamic Bank arranges USD100 million syndicated revolving Murabaha facility for Munshaat Real Estate Projects Company
- Bahrain: Wednesday, September 12 - 2007 at 15:05
- PRESS RELEASE
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Bahrain-based ABC Islamic Bank is pleased to announce it has been sole mandated to arrange a USD100 million 3-year syndicated revolving Murabaha financing facility for Munshaat Real Estate Projects Company, Kuwait.
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Posted by Medilyn Manibo, Assistant News EditorWednesday, September 12 - 2007 at 15:05 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Sun Mar 16 2008.
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About Munshaat Real Estate Projects Company K.S.C.
Munshaat Real Estate Projects Company K.S.C. is a Kuwait-based real estate company established in April 2003 and founded by its original shareholders AREF Investment Group and the International Leasing & Investment Company. The company will soon be listed on the Kuwait Stock Exchange, following an IPO to sell 25% of its shares to the public. The founder shareholders will each hold 37.5% subsequently.
The company performs its activities in accordance with Islamic Sharia principles. Its main activity is real estate services both locally and outside Kuwait, that include establishing and managing real estate funds, managing financial and real estate portfolios for its account and on behalf of other entities and providing consultancy services. The company's major business is servicing residential projects in Makkah and Madinah where it has established a track record of securing usufruct rights of properties and distributing lease rights to retail investors. Its major projects include the Zamzam Tower project in Makkah and the Dar Al-Qiblah Tower in Madinah. The unique location of its projects and the growing demand for Sukuk Al Intifaa from all over the Muslim world underpin its strong financial performance.
For the financial year 2006, Munshaat reported a significant increase in net income to KD36.9 million compared to KD11.8 million in 2005 representing an increase of 213%. The total assets of the company stood at KD176.49 million as of the financial year end.
About Athman Investment Company
Athman Investment Company is a closed Kuwaiti investment company incorporated in November 2006. It has a paid up capital of KD16.5 million and specializes in Sharia compliant asset management and investment banking activities. The company provides financial services to Aref Investment Group, and its more than 40 local and international subsidiaries and associated companies and currently has over US$300 million in funds under management.
About ABC Islamic Bank
ABC Islamic Bank is regulated by the Central Bank of Bahrain and provides a full range of Sharia-compliant financial services including investment, capital markets and commercial banking. It is wholly owned by Arab Banking Corporation which is itself majority owned by state shareholders of Kuwait, Libya and Abu Dhabi.
Munshaat Real Estate Projects Company K.S.C. is a Kuwait-based real estate company established in April 2003 and founded by its original shareholders AREF Investment Group and the International Leasing & Investment Company. The company will soon be listed on the Kuwait Stock Exchange, following an IPO to sell 25% of its shares to the public. The founder shareholders will each hold 37.5% subsequently.
The company performs its activities in accordance with Islamic Sharia principles. Its main activity is real estate services both locally and outside Kuwait, that include establishing and managing real estate funds, managing financial and real estate portfolios for its account and on behalf of other entities and providing consultancy services. The company's major business is servicing residential projects in Makkah and Madinah where it has established a track record of securing usufruct rights of properties and distributing lease rights to retail investors. Its major projects include the Zamzam Tower project in Makkah and the Dar Al-Qiblah Tower in Madinah. The unique location of its projects and the growing demand for Sukuk Al Intifaa from all over the Muslim world underpin its strong financial performance.
For the financial year 2006, Munshaat reported a significant increase in net income to KD36.9 million compared to KD11.8 million in 2005 representing an increase of 213%. The total assets of the company stood at KD176.49 million as of the financial year end.
About Athman Investment Company
Athman Investment Company is a closed Kuwaiti investment company incorporated in November 2006. It has a paid up capital of KD16.5 million and specializes in Sharia compliant asset management and investment banking activities. The company provides financial services to Aref Investment Group, and its more than 40 local and international subsidiaries and associated companies and currently has over US$300 million in funds under management.
About ABC Islamic Bank
ABC Islamic Bank is regulated by the Central Bank of Bahrain and provides a full range of Sharia-compliant financial services including investment, capital markets and commercial banking. It is wholly owned by Arab Banking Corporation which is itself majority owned by state shareholders of Kuwait, Libya and Abu Dhabi.
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