Gems repays $200m sukuk on call date

Gems

Menasa Cayman, a unit of Gems Education, redeemed its $200 million (Dh734.6 million), 12 per cent sukuk at the first call date last month.

The company has sought permission to delist the sukuk from the official lists of Nasdaq Dubai and the Irish Stock Exchange. The Islamic bond was formally issued by a subsidiary, Gems MEA Sukuk Limited, in November 2013, and was called for repayment at the first call date, approximately five years after its issuance.(Staff Report)