StockMarketWire.com - Dar Al-Arkan Real Estate Development Co has paid $9.2m in quarterly coupon distributions to its Sukuk II & Sukuk III holders.

DAAR said the payments comprised $6.8m for Sukuk II maturing in 2012, and $2.4m for Sukuk III maturing in 2014.

The periodic coupon distribution for Sukuk II is based on three-month Libor (0.40306% calculated on 13/10/2011) plus a profit margin of 2.25%.

The periodic coupon distribution for Sukuk III is based on three-month Saibor (0.66000% calculated on 15/10/2011) plus a profit margin of 4.00%.

Chief financial officer Andy Raheja said: "By continuously honouring its obligations on time DAAR has proven itself as a reputed issuer of international and local Sukuk.

"The company's net debt of SAR5.7bn as of 30/09/2011 represents approximately 26% of our assets and as such the overall debt levels are very reasonable by the industry standard."



Story provided by StockMarketWire.com