Bahrain's Ithmaar Bank plans issue of mandatory convertible sukuk

By Angela McDaniels

Tacoma, Wash., March 11 - Ithmaar Bank plans to issue mandatory convertible sukuk as part of a $400 million capital-raising initiative, according to a bank news release.

The capital-raising initiative also includes a $200 million rights issue. During a subscription period that starts Tuesday and ends March 25, bank shares will be offered at $0.25 par value to existing shareholders.

Proceeds will be used to help fund the planned expansion of the bank's operations.

Ithmaar Bank is working on a reorganization with its wholly owned subsidiary, Shamil Bank, and said the preparations are in their final stages.

Ithmaar Bank is an Islamic retail bank based in Manama, Bahrain.

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