Virgin Mobile Middle East raises $30 million in pre-IPO financing | Reuters

Virgin Mobile Middle East raises $30 million in pre-IPO financing | Reuters:

"Virgin Mobile Middle East and Africa (VMMEA), part-owned by British entrepreneur Richard Branson’s Virgin Group, has raised $30 million via Islamic bonds ahead of a proposed initial public offering. The deal from Dubai-based VMMEA, a mobile virtual network operator with a presence in Saudi Arabia, Oman and South Africa, is a rare addition to a market that is comprised mostly of sukuk originated by sovereigns and financial firms. The transaction also includes a novel convertible feature that allows investors to transfer the sukuk certificates into exchangeable instruments that would mature two years after an IPO."



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