Thai Islamic bank plans $235mln capital increase, Sukuk
The bank said it hoped this strategy would help it to return to profit this year and help the country's Islamic financial sector grow after tax legislation necessary for its expansion was passed in May 2011.
Under the plan, the bank said it would raise 927 million baht in capital this month and 6.2 billion baht in the fourth quarter.
The bank said it would issue the 5-billion-baht subordinated sukuk to increase its capital ratio.
Last year, bank officials said the sukuk would have a likely maturity of 5 years and the bank would appoint Malaysia's CIMB Bank to handle the deal, targeting domestic and institutional investors in Malaysia and Hong Kong.
The bank, rated BBB- by Fitch, also said it would seek investors to establish a presence in the Middle East in the next three years, while increasing its domestic network of branches to 130 from 106 now.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- NCB Capital supports the Islamic fund industry at conference in Bahrain
- Qatar Faculty of Islamic Studies and Center for Islamic Economics and Finance holds successful symposium about Islamic Sukuk
- Riyadh Bank plans capital increase
- Seeking economic 'blessings'? Jordan likely to issue Islamic sukuk next month
- Dubai's Islamic Development Bank to release $37 billion in sukkuks on Nasdaq