[ad_1]
The listing is a significant milestone for Estithmar Holding QSPC, demonstrating its ability to diversify its funding sources to support its long-term strategic growth plans and objectives.
Qatar’s Estithmar Holding QPSC announced on Monday the issuance of a Qatari riyal 500 million Islamic bond, the first corporate Islamic bond denominated in Qatari riyals.
The issuance is the first tranche of its QR3.4 billion Islamic bond programme, listed on the London Stock Exchange’s International Securities Market (ISM).
The listing is a significant milestone for Estithmar Holding QSPC, demonstrating its ability to diversify its funding sources to support its long-term strategic growth plans and objectives.
Capital Intelligence rates the sukuk program at Qatar’s national rating qaBBB (stable). Al Rayan Investment LLC, The First Investor QSCC and Lesha Bank LLC acted as joint lead managers (JLM) for the issuance.
The sukuk, with a three-year maturity and a coupon rate of 8.75%, has attracted significant interest from government and non-government institutional investors, including banks, insurance companies and asset managers, with an expected settlement time of five days.
“The issuance of the first Qatari Riyal-denominated corporate sukuk is a historic milestone for Estithmar Holding,” said Mohamad Bin Badr Al-Sadah, Group CEO of Estithmar Holding.
“Following its listing on the London Stock Exchange’s International Securities Market, the offering has attracted significant interest from a diverse group of investors,” he added in a press release.
Strategic Growth Plan
The broad investor interest demonstrates investor confidence in the company’s strategic growth plans across its four primary segments: Healthcare, Services, Venture Capital and Specialty Contracting.
Health Care
Estithmar Holding has seen significant growth in the healthcare sector, with The View Hospital opening the Korean Medical Center (KMC) in partnership with Cedars Sinai Hospital, which is committed to providing world-class medical services to Qatar and the region, regional expansion through the operation of two hospitals in Iraq, the development of medical tourism, and the Algeria-Qatar-Germany Hospital, which is nearing completion in Algeria. Estithmar Holding currently owns and operates facilities with a total of more than 2,000 beds.
Services and Investment
Meanwhile, the service sector, including facilities management, catering and resource provision, continues to grow both within Qatar and abroad. The investment sector is expected to achieve great success, with major projects including the Rosewood Resort in the Maldives and the Rixos Hotel in Baghdad, both of which are expected to open in the near future, in addition to the company’s current tourism projects in Qatar, which are also developing, including Al Maha Island, Katara Hills, Maysan Doha, etc.
contract
The company’s specialty contracting business is also experiencing significant growth, particularly in the Kingdom of Saudi Arabia, where it has significantly increased its market share through key strategic projects in the country.
The success of the Sukuk programme reflects the company’s broader growth strategy, which aims to deliver increasing investment value for shareholders and secure Estithmar Holding’s leadership position across all its operating divisions.
[ad_2]
Source link
