DUBAI: A $200 million hybrid sukuk offered by GEMS Education, a Dubai-based schools operator is oversubscribed before final pricing, according to a document from lead arrangers.
Initial pricing thoughts remain at a profit rate of 11.75-12.00 percent for the debut sale by GEMS; a number of funds are continuing committee work and will revert later on Thursday, the document said.
The sukuk uses a mudaraba structure and will be callable after five years.
Bookrunners are Morgan Stanley Inc, Credit Suisse, Mashreq bank and Abu Dhabi Islamic Bank (ADIB).
The company employs about 11,000 staff and operates around 100 private schools across the Gulf region. (Reuters)
