Riyadh – The Saudi Investment Bank (SAIB) plans to redeem the Additional Tier 1 Capital Sukuk that was announced on 21 March 2018 at a value of SAR 1 billion, according to a bourse disclosure.
SAIB issued the 1,000 Sukuk notes through a private placement offer at a par value of SAR 1 million each, according to a bourse disclosure.
The lender indicated that it had obtained the regulatory approvals required for the redemption process.
In another bourse filing, SAIB said it had increased the size of its SAR-denominated Tier 1 Sukuk programme to SAR 5 billion from SAR 2 billion.
Subject to regulatory approvals, the offering aims to foster Tier 1 capital and meet the bank’s financial and strategic needs.
SAIB has appointed Alistithmar for Financial Securities and Brokerage Company (Alistithmar Capital) as the lead manager and bookrunner for the potential transaction.
Meanwhile, the exact value and terms of the issuance will be determined at a later time in accordance with the market conditions.
In the first nine months (9M) of 2022, SAIB logged net profits worth SAR 1.15 billion, an annual surge of 49.25% from SAR 775.60 million.
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