Dar Al-Arkan pays USD 9.2 million in Sukuk coupon (1823V)

TIDM44GO

RNS Number : 1823V

Dar Al-Arkan International Sukuk II

08 January 2012

Dar Al-Arkan pays USD 9.2 million in periodic coupon distribution to its Sukuk II & Sukuk III holders.

Dar Al-Arkan Real Estate Development Company (DAAR) announced that on the 8th of January, 2012 it made a payment of USD 9.2 million quarterly coupon distributions, of which USD 6.8 million for Sukuk II maturing in 2012, and USD 2.4 million for Sukuk III maturing in 2014. The periodic coupon distribution for Sukuk II is based on 3 Month Libor (0.40306% calculated on 13/10/2011) plus a profit margin of 2.25%. The periodic coupon distribution for Sukuk III is based on 3 Month Saibor (0.66000% calculated on 15/10/2011) plus a profit margin of 4.00%.

Commenting on this, Mr. Andy Raheja, DAAR's CFO said, "By continuously honoring its obligations on time DAAR has proven itself as a reputed issuer of international and local Sukuk", he added, "The Company's net debt of SAR 5.7 billion as of 30/09/2011 represents approximately 26% of our assets and as such the overall debt levels are very reasonable by the industry standard".

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