The company hired investment bank Aktif Bank to manage the sale in April, Agaoglu Chairman Ali Agaoglu said in an interview yesterday in Dubai, where he opened an office to lure Persian Gulf wealth to Turkey's construction industry. The fundraising would also include Murabaha facilities, he said.
The sale seeks to tap demand for Shariah-compliant debt in the six-nation Gulf Cooperation Council, where borrowers raised a record $21 billion last year as yields dropped, according to data compiled by Bloomberg. The Turkish government raised $1.5 billion from its debut Sukuk sale last year, setting a benchmark for corporate issuers to follow.
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