Tuesday, May 22, 2012
RIYADH (Zawya Dow Jones)--National Industrialization Co. (2060.SA), or Tasnee, said Tuesday it completed its first shariah-compliant sukuk issue worth 2 billion Saudi riyals ($533.3 million).
The seven-year sukuk, which was oversubscribed by 260%, was offered at a variable rate in a private placement to Saudi investors, the petrochemicals company said in a statement on the Saudi bourse's website.
The firm previously picked HSBC Saudi Arabia to help issue riyal-denominated sukuk. Several companies in the kingdom have sold bonds in the domestic market this year, but international issues remain scant despite big demand for blue-chip Saudi debt, analysts say.
The General Authority of Civil Aviation launched a landmark 15 billion Saudi riyal ($4 billion) sukuk earlier this year, which carried a guarantee from the Saudi government.
Tasnee's shares finished trading 2.13% higher Tuesday at SAR33.60.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
(END) Dow Jones Newswires
22-05-12 1546GMT
