17 March 2013
JEDDAH - Sadara Chemical Company launched the public offering of sukuk certificates following the approval by the Saudi Capital Market Authority, the company said in a staement Saturday.
The sukuk will be issued by Sadara Basic Services Company, a joint stock company, primarily established for the purpose of issuing the sukuk on behalf of Sadara. The total offering size and value will be determined at a later stage by Sadara.
The proceeds of the sukuk issuance will be used to provide finance for the construction and delivery of a part of the Sadara complex located in Jubail Industrial City II, which will be the world's largest chemical complex ever built in a single phase.
The Shariah structure of the sukuk has been approved by the joint Shariah committee formed by Alinma Investment Company, AlBilad Investment Company, Shariah committees of Deutsche Securities Saudi Arabia and Riyad Capital.
The offering, sale and delivery of the sukuk is limited solely to Saudi nationals and those other legal persons with a permanent establishment in the Kingdom holding a current commercial registration number issued by the Ministry of Commerce and Industry, and maintaining a bank account in the Kingdom.
The Sukuk will be a floating rate sukuk, with a tenor of approximately 16 years. The investors will receive an expected return of six-month SAIBOR plus a margin per annum to be distributed semi-annually.
JEDDAH - Sadara Chemical Company launched the public offering of sukuk certificates following the approval by the Saudi Capital Market Authority, the company said in a staement Saturday.
The sukuk will be issued by Sadara Basic Services Company, a joint stock company, primarily established for the purpose of issuing the sukuk on behalf of Sadara. The total offering size and value will be determined at a later stage by Sadara.
The proceeds of the sukuk issuance will be used to provide finance for the construction and delivery of a part of the Sadara complex located in Jubail Industrial City II, which will be the world's largest chemical complex ever built in a single phase.
The Shariah structure of the sukuk has been approved by the joint Shariah committee formed by Alinma Investment Company, AlBilad Investment Company, Shariah committees of Deutsche Securities Saudi Arabia and Riyad Capital.
The offering, sale and delivery of the sukuk is limited solely to Saudi nationals and those other legal persons with a permanent establishment in the Kingdom holding a current commercial registration number issued by the Ministry of Commerce and Industry, and maintaining a bank account in the Kingdom.
The Sukuk will be a floating rate sukuk, with a tenor of approximately 16 years. The investors will receive an expected return of six-month SAIBOR plus a margin per annum to be distributed semi-annually.
© The Saudi Gazette 2013
