Senaat lists $300M sukuk on ADX

abu dhabi — The Abu Dhabi Securities Exchange (ADX) together with General Holding Corporation (Senaat) on Sunday rang the market opening bell to celebrate the listing of the first tranche of Senaat’s sukuk. Valued at $300 million (D1.1 billion), it is the first-ofits-kind dual listing between the Abu Dhabi Securities Exchange and London Stock Exchange.

The sukuk was raised at a profit rate of 4.76 per cent 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, 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 Senaat, alongside senior management of the corporation attended the bell ringing ceremony of the dual listing with the London Stock Exchange.

Al Dhaheri said Senaat sees a potential to issue a bond next year. “Yes, there is potential [for 2019]. We wanted to test the market and the response was very good,” he told reporters after the sukuk listing at the exchange.

He said the listing of the sukuk on the Abu Dhabi Securities Exchange is an important milestone in the company’s history.

“This is the first time the company has entered the public markets to issue sukuk that can be traded in one of the world’s leading financial markets. This is a confirmation of the strong performance and progress achieved by the company, which is in line with our goals and future strategies. As one of the largest holding companies in the field of industrial investment in the UAE, we have a strong financial position that enhances our self-sufficiency and strengthens the confidence of lenders in supporting our development plans,” he said.