The Dubai Ports, Customs & Free Zone Corporation (PCFC), which is already making waves with its bid for P&O’s ports business via its subsidiary Dubai Ports World, made headlines again this January by launching a $3.5 billion, first-of-its-kind convertible sukuk.
The deal, managed by Barclays Capital and Dubai Islamic Bank, is a pre-IPO convertible that allows for a partial redemption of up to 30% in the form of shares in PCFC entities as and when they go for an IPO or secondary public offering within the next three years.
The deal is the first Shariah-compliant convertible instrument ever issued and also one of the largest...
