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AL RAJHI CEMENT
Overview
  • When Al Rajhi Cement wanted to undergo a leveraged recapitalization in 2011, the company was at an impasse: the limitations of Islamic finance options in the Kingdom and the lack of a legal framework for sharia-compliant bonds – sukuk – meant that there was little precedent to work with. The company reached out to Capital Investments to serve as its arranger and lead manager.
Outcome
  • Working alongside both the client and a team of legal advisors, Capital Investments helped Al Rajhi Cement issue the first-ever sukuk in Jordan. The JOD85 million, seven-year sukuk was financed by a number of local and regional Islamic and commercial banks, not only allowing the company to fund its capital expenditures, but demonstrating the financial sector’s confidence in the resilience of the Jordanian economy.