Mubasher: Alargan International Real Estate has disclosed a bourse statement on Monday to comment on the news story published in a local newspaper over issuing sukuk before the end of 2017.

The local newspaper, Al Qabas, on 2 October said that Alargan is about to issue sukuk for a total value of KWD 40 million.

Alargan clarified that its board members on 14 September granted their preliminary approval to issue sukuk, and requested preparations for the issuance as well as obtaining the approvals required by regulatory entities, the bourse statement added.

The value and volume of the sukuk issue have not been determined yet, nor the maturity period or the currency in which the issuance will be offered, Alargan said, adding that the company also has not determined the expected date of the sukuk issuance.

Any developments regarding this matter will be disclosed once carried out, Alargan stated.