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Aldar Properties' stock hits highest level since September on Thursday

Aldar Properties' stock hits highest level since September on Thursday
By 12:30 pm UAE time, the stock rose by 1.38% to AED 2.2
Aldar
ALDAR
1.35% 2.26 0.03

By: Enas Bahgat

Abu Dhabi – Mubasher: Aldar Properties’ stock, listed on the Abu Dhabi Securities Exchange (ADX), has moved upwardly during Thursday’s trading session following the successful placement of its US dollar-denominated sukuk.

By 12:30 pm UAE time, the stock rose by 1.38% to AED 2.2, its highest level since September 2019.

The stock has seen a trading volume of 8.6 million shares that were exchanged at a turnover of AED 18.86 million through 289 transactions, acquiring 36% of the ADX’s total liquidity.

On Wednesday, Aldar Investment Properties, a wholly-owned subsidiary of Aldar Properties, announced it had raised a nominal amount of $500 million by placing a fixed rate US dollar-denominated sukuk with a tenor of 10 years.

The transaction represents the first 10-year public sukuk issue by an issuer based in Abu Dhabi and has a coupon rate of 3.875%, which is the lowest rate ever achieved by Aldar.