UAE-Based Utico to Issue USD 500 Million Sukuk to Finance Debt Repayments and Restructuring

United Arab Emirates (UAE) based utility firm Utico, has reached out to several investors ahead of a planned benchmark Sukuk issuance of USD 500 million, with the aim of raising finances to settle some of its debts and to restructure its portfolio.

According to the Chief Executive Officer of Utico, Richard Menezes, the company expects to conclude the issuance within the next three to four months, given the positive response it has received from the market.

Menezes stated that raising finances through a Sukuk issuance will allow the company to improve its services, as well as restructure and position itself for new opportunities, whilst adding that the company is already bidding for...