Dubai Islamic Bank said Wednesday it plans to buyback up to $200 million of its $750 million sukuk outstanding in the market.
The bank will hold "a partial cash tender offer of up to $200 million of the $750 million trust certificates due 2012 of DIB Sukuk Co Ltd," it said in a London Stock Exchange disclosure.
Holders of the certificates are invited to tender for cash pursuant to a modified Dutch auction procedure at a price of not less than 86 percent and not more that 90 percent of the face amount of such certificates, it added.
"The tender offer expires at 4:00 p.m. London time (2000 GMT) on May 18, 2009. The purchase price is expected to be announced on May 19, 2009 and settlement is expected on May 21, 2009," the statement said.
