Mumtalakat Holding Explores US Dollar Sukuk
Posted on 02/11/2019
UPDATE: February 20, 2019. The sukuk amount is US$ 600 million with a 5.625 percent yield.
Bahrain-based Mumtalakat Holding hired banks to arrange a series of bond investor meetings before a potential issue of a five-year sukuk, or Islamic bonds. The issue would be denominated in U.S. dollars. The sukuk issue will be of benchmark size, meaning an amount above US$ 500 million.
The banks mandated as joint lead managers and joint bookrunners include BNP Paribas, Citi, HSBC, National Bank of Bahrain, and Standard Chartered Bank.
Tourism Boost
In late December 2018, Mumtalakat’s subsidiary Southern Tourism Company (STC), acquired its 15th boat from H Al Dhaen Boats. The boat will be used to transport commercial clients and visitors to and from Hawar Islands. Mumtalakat holds a 90% stake in H Al Dhaen Boats.
