(MENAFN- The Arabian Post) |By Arabian Post Staff|Â Abu Dhabi Securities Exchange (ADX), the region’s leading financial market, together with General Holding Corporation (SENAAT), one of the largest holding companies in industrial investment in the UAE, rang the market opening bell to celebrate the listing of the first tranche of SENAAT sukuk. Valued at $300 million (1.1 billion AED), it is the first of its kind dual listing between Abu Dhabi Securities Exchange (ADX) and London Stock Exchange.
The sukuk was raised at a profit rate of 4.76% with a 7-year tenure, backed by an Obligor Rating of A3 (stable) by Moody's and A (stable) by Fitch issued last week. The issuance, listed on ADX under the code XSSENAAT1225, witnessed exceptional demand from over 180 local and global investors, exceeding the coverage ratio by almost 10 folds. Khaleefa Al Mansouri, Acting Chief Executive of ADX , Jamal Salem Al Dhaheri, CEO of General Holding Corporation (SENAAT), alongside senior management of the corporation attended the bell ringing ceremony of the dual listing with London Stock Exchange. Khaleefa Al Mansouri, stressed the significance of the new listing, which reflects the secure investment environment offered by ADX to listed companies and investors alike. The new listing is also a testament to the adequate procedures adopted by ADX to improve the efficiency and performance of the securities exchange market. This listing is the third of its kind this year on ADX. In October, Aldar Investment Properties LLC sukuk was listed jointly with the Irish Stock Exchange. While in May of this year, ADX listed sovereign bonds issued by the Ministry of Finance and The Maldives Ministry of Finance and Treasury on behalf of the Government of Maldives for the Abu Dhabi Fund for Development (ADFD), the first of its kind in the UAE and the region. ADX continually exerts effort on being a preferred listing and trading platform, consolidating its position as a market leader in the region by providing innovative products and services that ensure a fair and secure investment environment. ADX also strives to strengthen the local economy and support the overall sustainable economic development of the Emirate, as part of its commitment to Abu Dhabi's Plan for the development of the financial services sector, thereby enhancing the competitive environment for business and attracting investments in the emirate.
MENAFN1012201801520000ID1097808984
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.