LOC21:22
18:22 GMT
KUWAIT, Aug 4 (KUNA) -- Kuwait's Gulf Investment Corporation (GIC) has
issued 750 million ringgit (USD 253.5 million) of five-year sukuk at 4.90
percent, the GIC has announced.
In a press statement issued Thursday, the Kuwait Corporation noted that
this is the second issuance from the GIC sukuk this year, and the fourth
issuance from GIC in Malaysia since 2008. It named the AmInvestment Bank Bhd
as the sole lead manager for this sukuk issuance.
In March, the GIC issued first tranche of 600 million ringgit in 5-year
paper sold at a yield of 5.25 percent.
The 20-year program will provide GIC greater flexibility to issue sukuk of
varying tenures of up to 10 years on a 'need to' basis from time to time to
fund its general working capital requirements that conform to Shariah (Islamic
law) principles at competitive pricing given its strong credit rating.
Gulf Investment Corp is a leading financial institution offering a
comprehensive range of financial services to promote private enterprise and
support economic growth in the Gulf Cooperation Council region. (end)
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