Estithmar Holding Approves QAR 528M Sukuk Exchange Offer

Estithmar Holding Q.P.S.C., a Qatari public shareholding company founded in 2008, has secured approval for a sukuk exchange offer that will replace existing certificates totaling QAR 900 million with new QAR 3.4 billion tranches due in 2029. The meeting, held in London at noon on September 24 at Simmons & Simmons LLP offices, met the 75% quorum requirement, with certificateholders representing QAR 881.3 million—97.92% of the outstanding certificates—participating. Of the votes cast, 86.71% were in favor, exceeding the required three-quarters majority. The exchange will target acceptance of QAR 527.96 million in existing certificates, each bearing an 8.75% coupon due September 2027. The new certificates will be denominated in Qatari Riyal under Estithmar Sukuk Limited LLC’s trust certificate program, with settlement expected by September 29, 2024.