Hogan Lovells advises Al Bayan Group Holding Company on landmark sukuk

Hogan Lovells has advised Al Bayan Group Holding Company, a Saudi-based conglomerate, on its RM200m sukuk, issued on 24 April 2013, out of its inaugural RM1bn Sukuk Wakalah Programme — the first Malaysian Ringgit sukuk programme to be established by a Saudi corporate issuer and the first issuance by a Saudi corporate issuer of Malaysian Ringgit denominated sukuk in the Malaysian debt capital market to date.

The landmark sukuk has been issued via Al Bayan’s special-purpose vehicle incorporated in Malaysia, ABHC Sukuk Berhad.

The sukuk programme is structured under the Shariah principle of Wakalah and Ijarah. Hong Leong Islamic Bank Berhad (HLISB) and HSBC Amanah Malaysia Berhad (HBMS) acted as joint principal advisers and joint lead arrangers of the sukuk programme.

HLISB and HSBC also acted as joint lead managers, with Kenanga Investment Bank Berhad (KIBB) and Al Hilal Bank as the manager in the UAE. Guidance Financial Group acted as the financial adviser to Al Bayan.

The Hogan Lovells team was led by Riyadh-based banking and finance partner Imran Mufti and included Victoria Mesquita (associate, Dubai) and Mustafa Kamal (senior associate, Jeddah).