Dar Al-Arkan pays USD 8.6 million in Sukuk coupon (3196Q)

TIDM44GO

RNS Number : 3196Q

Dar Al-Arkan International Sukuk II

17 October 2011

Dar Al-Arkan pays USD 8.6 million in periodic coupon distribution to its Sukuk II & Sukuk III holders.

Dar Al-Arkan Real Estate Development Company (DAAR) announced that on the 12(th) of October it made a payment of USD 8.6 million quarterly coupon distributions, of which USD 6.3 million for Sukuk II maturing in 2012, and USD 2.3 million for Sukuk III maturing in 2014. The periodic coupon distribution for Sukuk II is based on 3 Month Libor (0.24975% calculated on 14/07/2011) plus a profit margin of 2.25%. The periodic coupon distribution for Sukuk III is based on 3 Month Saibor (0.61125% calculated on 13/07/2011) plus a profit margin of 4%.

Commenting on this, Mr. Anand Raheja, DAAR's newly appointed CFO said, "DAAR as a reputed issuer of international and local Sukuk, has a proven track record, as it is evident from the Sukuk I repaid in 2010". Mr. Raheja emphasized that DAAR's performance is on track to meet all upcoming project requirements and debt obligations. He added, "The Company's net debt of SAR 5.9 billion represents approximately 27% of our assets and as such the overall debt levels do not pose any concern for us".

This information is provided by RNS

The company news service from the London Stock Exchange

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