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Kuwait’s Gulf Investment raises $254 mln from ringgit sukuk

Kuwait's Gulf Investment Corporation (GIC) has issued 750 million ringgit ($253.5 million) of five-year sukuk at 4.90 percent, the deal's sole lead manager AmInvestment Bank said on Wednesday.

August 3, 2011 2:36 by

The announcement on Wednesday confirmed an earlier Reuters report that GIC had sold the five-year Islamic bonds under an existing 3.5 billion ringgit funding programme.
The sukuk is the second tranche to be issued under the programme in 2011, with the first tranche of 600 million ringgit in 5-year paper sold at a yield of 5.25 percent.
“We anticipate more issuers from the GCC region following suit in tapping into non-traditional sources to obtain long term funds,” Hisham Al-Razzuqi, the chief executive officer of GIC, said in a statement.
The sukuk programme has been assigned a long-term rating of AAA by Malaysia’s RAM Rating Services, and would enable GIC to tap the Malaysian market for long-dated funding, AmInvestment said.    (Reporting by Min Hun Fong; editing by Liau Y-Sing)

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