LMC launches AREPCO Sukuk Road Shows

The Road Shows will commence in Doha, State of Qatar on October 28th and end in Dubai, United Arab of Emirates on November 8th 2007. The two year Sukuk is an Equity Investment Sukuk, with an 8% profit rate payable semi-annually.

The Sukuk is being issued to invest in and acquire up to 49% of the outstanding equity in AREPCO at a US dollar equivalent of KD 0.325 Fils per share. AREPCO is currently a wholly owned subsidiary of Al Ahlia Holding Company (AHC) a company listed on the Kuwaiti stock exchange. Subsequent to the successful Sukuk closing AHC shall continue to hold a 51% ownership interest in AREPCO and the Company shall remain the real estate arm of AHC.

The Sukuk maybe listed on the Bahrain Stock Exchange and/or other GCC stock exchanges for the tenor of the Sukuk.

The Sukuk marketing has been launched in mid-September 2007 and is seeing a strong demand from regional and international investors. The Sukuk offering is aimed primarily at institutional investors, targeting banks and financial institutions, fund managers, pension funds & insurance companies. Sophisticated High Net worth Individuals are also eligible to purchase the Sukuk directly through LMC or their agent banks.

LMC has successfully closed a $200m Sukuk late 2006 for AREPCO formerly known as Al Ahlia Gulf Holding Company obtaining five years financing for the projects and operations.