Khazanah Nasional Berhad, the investment holding arm of the Malaysian government, last Friday listed its $850 million Sukuk (Islamic bond) on the Dubai International Financial Exchange (DIFX).
It is the first Sukuk from outside the exchange’s region to be listed on the DIFX, and underlines the DIFX’s stature as the world’s largest exchange for Sukuk by value, now standing at $12.78 billion.
Per E. Larsson, Chief Executive of the DIFX, observed that: “The listing of Khazanah’s Sukuk, the first from outside the Middle East on the DIFX, is a landmark event for the exchange, which now has 46% of all listed Sukuk by value. The Sukuk market continues to show dramatic growth and innovation on the DIFX, positioning Dubai and the Dubai International Financial Centre as the global hub for Islamic finance.”
Khazanah revealed that about 50% of its Sukuk was allocated to investors in the Middle East.
Hamed Ali, Executive Officer of the DIFX, stated: “Over $15 billion of Sukuk have been issued globally so far this year, more than the whole of 2005. The investor base is international as well as regional and we expect this asset class to maintain its rapid growth.”
Khazanah’s Sukuk is the 10th Sukuk listed on the DIFX. The other nine are from the DIFX region, from issuers in Kuwait, Saudi Arabia and the UAE. The DIFX region includes the whole of the Middle East, North Africa and the Indian subcontinent.Khazanah’s Sukuk was oversubscribed by 13 times. It was issued via an independent special purpose company, Cherating Capital Ltd of Labuan, and has a maturity of five years. Sukuk holders will have an option to exchange it for ordinary shares of PLUS Expressways Bhd at the end of the maturity period.
Khazanah has also applied to list the Sukuk on the Labuan International Financial Exchange and the Stock Exchange of Hong Kong.
CIMB Investment Bank Bhd, Deutsche Bank and JPMorgan were the joint bookrunners and joint lead managers, while CIMB Islamic Syariah Committee acted as the Shariah adviser for the issuance.
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