ALDAR to discuss $1.5b bond/sukuk within weeks
Representatives of regional property leader ALDAR Properties are set to meet during the first week of December to discuss planned $1.5 billion convertable bond/sukuk.
The company would meet, said ALDAR CEO Stephen Barrott, to approve the scheme to raise capital, according to Khaleej Times.
"It would be a medium tenor sukuk which could be converted into shares after a certain period of time," Barrot pointed out.
ALDAR has reportedly appointed a financial consultant to oversee the issue. Details of the sukuk have yet to be made available.