Home » wire - Nakheel to issue sukuk on Aug 25

10/08/2011 02:25:00 PM GMT   Comments ()     Add a comment   Print     E-mail to friend
Dubai based Nakheel Properties is headed by Dubai World holdings

 [Emirates 24/7] Dubai-based Nakheel properties has set August 25 as a final date to issue the much-awaited Dh4.8-billion sukuk, as part of our $13-billion debt restructuring plan, to creditors after a two-month delay attributed by the company to administrative reasons. The company has completed all administrative and auditing procedures need to start issuing sukuk. The sukuk would not be listed at any party at the beginning to ensure all options for creditors to benefit from these sukuk. Creditors can sell or mortgage their sukuk in exchange for credit facilities, listing could be set later said Nakheel's chairman. German Deutsche Bank would manage the sukuk process that could last between two and three months. The developer, which ran a parallel restructuring process to parent firm Dubai World, has offered trade creditors repayment of 40 pct cash and the remaining 60 pct in the form of sukuk. Once its restructuring is complete, Nakheel will be owned by the Dubai government. omar1.1
Source: Al Arabiya Digital

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