The Sukuk will carry a sub-libor profit rate of 4.31%, payable quarterly in arrears, and the exchange price is $2.2711 which represent a premium in excess of 30% over the past three month volume weighted average market price of the Tamweel share price.
The price also indicates a premium of 21% to the closing price of the Tamweel shares on December 13, 2007. This Sharia-compliant Sukuk is scheduled to mature in 2013 and the proceeds will be used by Tamweel for its general funding and expansion needs.
Adel Al Shirawi, Chief Executive Officer of Tamweel, said: "We are delighted to announce the successful closure of Tamweel's exchangeable Sukuk, which has been placed with both regional and foreign investors. Issued in the midst of difficult market conditions, the Sukuk was oversubscribed within hours of launch. This success is a testimony to Tamweel's strong business fundamentals, strategies and investor confidence."
He added: "Proceeds from the issue will fuel Tamweel's real estate finance business in the UAE and regional expansion, providing better and more cost-efficient funding mechanisms."
The Sukuk has been issued by Tamweel Funding Limited, a special purpose vehicle established in Jersey, United Kingdom. Barclays Capital is the Sole Lead Manager and Bookrunner of the Sukuk. Application has been made to list the Sukuk on the Dubai International Financial Exchange. Tamweel shares are listed and traded on the Dubai Financial Market.
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Tamweel's $300m exchangeable Sukuk closes successfully
- United Arab Emirates: Saturday, January 26 - 2008 at 11:50
- PRESS RELEASE
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Tamweel PJSC, the largest real estate finance provider in the UAE, has announced that its $300m exchangeable Sukuk issue, whose order book was oversubscribed within hours of announcing the launch, was successfully closed on January 23, 2008.
Adel Al Shirawi, Chief Executive Officer of Tamweel.
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Posted by Medilyn Manibo, Assistant News EditorSaturday, January 26 - 2008 at 11:50 UAE local time (GMT+4)
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Notes and Media Contacts »
About Tamweel PJSC:
Tamweel PJSC, the highest-rated non-banking financial institution in the region (rated A by Fitch and A3 by Moody's) is the largest provider of real estate finance in the UAE by market share and asset size. Tamweel was established in March 2004, became a public joint stock company in June 2006 and was listed on the Dubai Financial Market in July 2006.
Tamweel is a provider of a wide range of unparalleled customer-service solutions and innovative home finance products, working with 300 partners across the UAE. The company, which aims to become the regional home finance leader through its expansion plans into Saudi Arabia, Egypt and other countries in the MENA region, has branches in Dubai, Sharjah and Abu Dhabi, as well as in Saudi Arabia and Egypt.
For further information, please contact:
Nabil Abou Alwan
Tamweel PJSC
Dubai, UAE
Tel: +971-4-2944400
Fax: +971-4-2944331
Nicholas Nesson / Gunjan Chaurasia
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-50-4785324 / 50-2797034
Fax: 971-4-3356080
Tamweel PJSC, the highest-rated non-banking financial institution in the region (rated A by Fitch and A3 by Moody's) is the largest provider of real estate finance in the UAE by market share and asset size. Tamweel was established in March 2004, became a public joint stock company in June 2006 and was listed on the Dubai Financial Market in July 2006.
Tamweel is a provider of a wide range of unparalleled customer-service solutions and innovative home finance products, working with 300 partners across the UAE. The company, which aims to become the regional home finance leader through its expansion plans into Saudi Arabia, Egypt and other countries in the MENA region, has branches in Dubai, Sharjah and Abu Dhabi, as well as in Saudi Arabia and Egypt.
For further information, please contact:
Nabil Abou Alwan
Tamweel PJSC
Dubai, UAE
Tel: +971-4-2944400
Fax: +971-4-2944331
Nicholas Nesson / Gunjan Chaurasia
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-50-4785324 / 50-2797034
Fax: 971-4-3356080
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