Gulf Navigation now plans $250 mln sukuk by year-end after delay

27/10/2017 10:21 AST

Gulf Navigation Holding will issue a $250 million Islamic bond by the end of the year that it had planned to issue by September, the Dubai-listed shipper's chief executive said on Wednesday.

Plans to issue the sukuk were delayed after the company had to "weigh certain offers" and "rethink certain concepts," CEO Khamis Juma Buamim told a press conference in Dubai. "As you know market driven forces usually make you adjust your time frame," he said. "In my view, the appetite was there. It was the time frame of how this appetite can be cultivated."

Buamim said that the sukuk would "definitely" be issued this year, "sometime during next month or (the) beginning of December."

The proceeds of the sukuk will support company expansion plans, Buamim has previously said.


Reuters

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