LMC to launch A'ayan sukuk

MANAMA: A'ayan Leasing and Investment Company has mandated Bahrain-based Liquidity Management Centre (LMC) to officially launch its $200 million to $250m sukuk offering.

Kuwait-based A'ayan has appointed LMC to act as the mandated arranger, structuring adviser and placement agent for the sukuk issue - for which LMC will be immediately embarking on the formation of the underwriting group prior to the full offering.

The sukuk issue has been structured as an Islamic trust sukuk offering based on the securitisation of selective high quality income generating asset pools originated by A'ayan to be mutually agreed upon between LMC and A'ayan.

"The sukuk offer will present a valuable opportunity to Islamic investors who are keen to participate in Sharia compliant asset backed securitisation by A'ayan," said A'ayan managing director and chief executive officer Ahmad Abdullatif Al Dousari.

"We are confident that the sukuk will generate great enthusiasm among Islamic investors given the credential of and the value added by A'ayan portfolio of assets."

"We are very proud to be associated with A'ayan, a company which has demonstrated outstanding performance over the years," said LMC chief executive officer Ahmed Abbas.

"LMC, with the support of its committed shareholders and its strategic partners, is extremely pleased to have offered approximately half of the Kuwaiti sukuk issued to date and A'ayan represents the fourth Sukuk arrangement mandate out of Kuwait which further reflects LMC's commitment to the development of the Sukuk market in Kuwait," he said.