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Dubai's Nakheel plans creditor sukuk issue by end-April - chairman - ASHARQ AL-AWSAT English Archive
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DUBAI,(Reuters) – Dubai property developer Nakheel plans to issue the second tranche of its 4.8 billion UAE dirhams ($1.31 billion) Islamic bond, or sukuk, to trade creditors by the end of April, the company’s chairman said on Wednesday.

The first portion of the five-year sukuk, worth 3.8 billion dirhams, was issued in August. It carries a profit rate of 10 percent.

“The second tranche, I think, will be launched by the end of this month. We are trying to get it out by the end of this month hopefully. It will be all the same terms,” Nakheel Chairman Ali Rashid Lootah told reporters.

He added that the sukuk would be listed on Nasdaq Dubai “as soon as is practical.”

The sukuk is part of Nakheel’s $16 billion debt restructuring deal which repays trade creditors 40 percent in cash and 60 percent via the bond.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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