Sabana bid will encourage more Islamic listings on SGX
Sabana Real Estate Investment Trust (Reit) has had a good response to the first listing of a Shariah-compliant company on the Singapore stock exchange, particularly from Middle Eastern investors, boosting the city-state’s ambition to become an Islamic finance centre.
Sabana wants to raise $500m from a deal that will represent around 96% of its enlarged share capital. Four cornerstones investors agreed to buy almost 17% of the offer and other investors have flocked to the deal, giving bankers confidence there is more to come.
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