International law firm Eversheds has advised Almana Group on its five year $215 million RegS floating rate Trust Certificate sukuk at three month US Dollar Libor plus 450 basis points with an Issue Price at par.
Almana offers diverse services to overseas companies with interests in Qatar and across the Arabian Gulf States across a spectrum of industries, including construction and real estate, automotive and IT. An application has been made to list the sukuk on the London Stock Exchange.
The Eversheds team was led by partner Amjad Hussain and supported by solicitor Jaime Oon and London based partners Indraj Mangat and Paul-Michael Rebus. The team reviewed and advised on the transaction documents as well as closing the deal and listing the sukuk with the UK Listing Authority.
Amjad said:
“Almana is one of Qatar’s oldest and largest business entities operating a widely diverse portfolio across a number of thriving industries in the region. This issuance will help to strengthen Almana’s already successful business. Issuance of sukuk has more than doubled in the first half of 2011 compared to the same period last year and Qatar is leading the rise in Islamic bonds.”
P Chatterji, Group Financial Controller at Almana said:
“Eversheds’ drive and determination was paramount to the successful issuance of this sukuk. The cross-border team provided technically complex advice to ensure that we were able to seamlessly close the transaction.”
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