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Virgin Mobile Middle East closes $30M pre-IPO sukuk

Virgin Mobile Middle East and Africa has announced that it successfully closed a $30 million pre-IPO Exchangeable Sukuk.

The Senior Secured Sukuk certificates are structured based on Shariah principles. In the event of an IPO, the certificates will transfer into an exchangeable Sukuk, maturing 2 years from the IPO date, the company said in a statement.

Alan Gow, CEO, VMMEA, said, “We are delighted to raise this funding to support the continued growth and expansion of the Company in the Middle East and North African markets. The telecom sector in the region remains an attractive sector and as the Company has demonstrated in its existing markets, we are uniquely positioned to leverage the MVNO model to deliver growth and financial performance in new markets.”

Arqaam Capital Limited acted as the sole Lead Arranger and Bookrunner for this Sukuk transaction.

Franklin Templeton Investments (ME) Limited and Sancta Capital Group acted as anchor investors in the transaction.

Peter Langkilde, Chairman, VMMEA, said, “We are pleased to complete this transaction after carefully exploring appropriate funding routes in line with the company’s preparations for a potential public markets listing. The strong demand for the Sukuk certificates underscores investors’ confidence in VMMEA’s growth and expansion plans.”

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