Bahrain’s Infracorp plans $800 million perpetual green sukuk sale

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Bahrain’s Infracorp plans $800 million perpetual green sukuk sale

Infracorp, a Bahrain-based infrastructure fund which had been created following its split from asset manager GFH Financial Group, had been looking to issue a whopping $800 million in perpetual green Sukuk, a type of Islamic-Sharia based bond, over the first quarter of 2021, Chief Executive of GFH Financial Group had announced on Monday.

Apart from that, GFH Chief Hisham Alrayes was quoted saying in an interview with a press agency reporter on Monday that Infracorp had already hired lenders to oversee the proceedings of its slated bond sale in form of green Sukuk, however, Alrayes had declined to mention the name of the lenders.

Though, while London-based law firm Allen & Overy had been hired as a legal adviser regarding Infracorp’s debt size, GFH also had appointed KPMG as an auditor.

Infracorp looks to sell nearly $1bn worth of green sukuks

Concomitantly, according to GFH Chief Alrayes, Bahrain’s Infracorp had been working out a potential stratagem to raise a jawdropping $1 billion in sales of its green Sukuks, while it had plans to raise another $200 million worth of fresh capitals in equity.

So far, Infracorp had amassed a total of about a $3 billion worth of assets under its management following a spin-off from GFH which in effect had allowed the Bahrain-based fund to focus more on infrastructure assets, enabling GFH to concentrate its efforts on financial instruments.

Besides, Alrayes was also quoted saying that GFH had been in an advanced-stage talks with a number of investors for a potential sell-off of Infracorp stakes, which in effect would initially downsize its stake in the spun-out entity to 40 per cent.