UAE's Gulf Navigation to issue $34mln Islamic sukuk

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Shareholders of UAE’s Gulf Navigation Holding have approved the issuance of Islamic sukuk, with a total value of 125 million UAE dirhams ($34.03 million). The decision was reached during the company’s general assembly meeting held on March 29. The Dubai-listed maritime and shipping company said the issuance will happen by way of a private placement to qualified investors.

The total number of sukuk is 125 million and the issuance price per sak is 1 UAE dirham. Profit payments are pegged at 12 percent per annum, payable every six months.

The company’s board will be delegated the authority to determine the issuance date.

 

Source: 
zawya.com
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