Development Bank of Kazakhstan to place Islamic bonds in Kazakhstan, Malaysia
ALMATY. April 2 (Interfax) - Development Bank of Kazakhstan (DBK) will offer its debut Islamic bonds or Sukuks al Murabaha in Kazakhstan and Malaysia, according to the minutes of DBK directors' meeting published on the website of Kazakhstan Stock Exchange (KASE).
The notes will be included in the official list of the Securities Commission Malaysia (Suruhanjaya Sekuriti) and offered to Kazakh investors through KASE.
The approved arrangers of the issue are: HSBC Bank Malaysia Berhad, The Royal Bank of Scotland Berhad and Halyk Finance, a local underwriter.
According to the document, the bank will float up to 9 million Sukuks, the face value of each at 1,000 Malaysian ringgit.
The board of directors of the Development Bank of Kazakhstan made a decision on March 14, 2012 to place medium-term Islamic bonds in accordance with the laws of Malaysia, DBK said in a press release earlier.
The bond program value is $500 million, with the first 5-year maturity issue of $200-$300 million.
DBK said that is had applied to the regulatory authorities of Kazakhstan for advice concerning a procedure for Sukuk al Murabaha offering.
Development Bank of Kazakhstan was organized in 2001. The bank finances medium- and long-term investment projects in infrastructure and non-resource sectors.
