Simmons & Simmons advises on trust certificate issuance for Estithmar Holding

Simmons & Simmons has announced its role in advising Al Rayan Investment L.L.C., Lesha Bank LLC, and The First Investor Q.S.C.C., in their capacities as Joint Lead Managers on the successful issuance of QAR 500,000,000 in trust certificates by Estithmar Holding Q.P.S.C. This issuance took place under the QAR3,400,000,000 trust certificate issuance programme established by Estithmar Holding Q.P.S.C earlier this year, on which Simmons & Simmons also advised. This transaction represents a significant milestone as the first corporate trust certificate denominated in Qatari Rial (QAR) by a Qatari corporation and marks the first QAR-denominated issuance since Clearstream Banking S.A. reinstated QAR as a settlement currency in July 2024. The QAR 500 million trust certificates have been admitted to trading on the International Securities Market of the London Stock Exchange plc.

Estithmar Holding Q.P.S.C, formerly known as Investment Holding Group Q.P.S.C, is a leading conglomerate headquartered in Qatar, that manages a portfolio of subsidiary companies operating in a variety of sectors, including healthcare, services, ventures and contracting.

Commenting on the transaction, Lee Irvine, debt capital markets partner, who led the team at Simmons said, “We are delighted to have supported Al Rayan Investment, Lesha Bank, and The First Investor in this significant transaction. This issuance not only sets a precedent as the first QAR-denominated corporate trust certificate but also underscores the strength and resilience of Qatar’s financial markets. Our involvement reflects Simmons & Simmons’ commitment to delivering innovative legal solutions and our deep expertise in the Islamic finance sector.”

Lee Irvine was supported by supervising associate Soony Tang. London partner James Bresslaw advised Citibank, N.A., London branch as delegate.