Dar Al-Arkan pays USD 8.6 million in Sukuk coupon (3196Q)
18 October 2011 - 1:29AM
UK Regulatory
TIDM44GO
RNS Number : 3196Q
Dar Al-Arkan International Sukuk II
17 October 2011
Dar Al-Arkan pays USD 8.6 million in periodic coupon
distribution to its Sukuk II & Sukuk III holders.
Dar Al-Arkan Real Estate Development Company (DAAR) announced
that on the 12(th) of October it made a payment of USD 8.6 million
quarterly coupon distributions, of which USD 6.3 million for Sukuk
II maturing in 2012, and USD 2.3 million for Sukuk III maturing in
2014. The periodic coupon distribution for Sukuk II is based on 3
Month Libor (0.24975% calculated on 14/07/2011) plus a profit
margin of 2.25%. The periodic coupon distribution for Sukuk III is
based on 3 Month Saibor (0.61125% calculated on 13/07/2011) plus a
profit margin of 4%.
Commenting on this, Mr. Anand Raheja, DAAR's newly appointed CFO
said, "DAAR as a reputed issuer of international and local Sukuk,
has a proven track record, as it is evident from the Sukuk I repaid
in 2010". Mr. Raheja emphasized that DAAR's performance is on track
to meet all upcoming project requirements and debt obligations. He
added, "The Company's net debt of SAR 5.9 billion represents
approximately 27% of our assets and as such the overall debt levels
do not pose any concern for us".
This information is provided by RNS
The company news service from the London Stock Exchange
END
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