LMC wins Durrat sukuk mandate

01 December 2003
The local Liquidity Management Centre (LMC) has been mandated to lead arrange a BD 100 million ($263.2 million) sukuk issue for Durrat al-Khaleej al-Bahrain, the project company for the southern Durrat al-Bahrain resort. Details of the issue remain to be finalised, but the sukuk will be uniquely structured.

LMC has won a number of corporate mandates in recent months, on which further movement is imminent. Subscription is close to completion on the five-year, $22 million sukuk arranged for Bahrain Specialist Hospital, with commitments received close to the target (MEED 7:11:03). Subscription will soon be launched for the five year, $50 million sukuk being arranged for Dubai-based real estate development company Emaar Properties(MEED 31:10:03).

LMC, which was established in 2002 to develop instruments allowing Islamic financial institutions to overcome liquidity management problems, is also lead arranging the $200 million debut sukuk being issued by the Lebanese government, structured to fulfil Manama's pledge under the Paris II donors' agreement. The issue awaits the approval of the Council of Ministers (MEED 24:10:03).

The Durrat al-Bahrain resort is under review by the new management team, put together following the acquisition of a 50 per cent stake in the project by Kuwait Finance House. The UK's WS Atkinshas been appointed as consultant to carry out the review (see Construction).


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