ACWA Power Company started issuing SAR-denominated Sukuk worth up to SAR 1.80 billion under its SAR 5 billion Sukuk issue programme.

The offering will take place from 10 January to 21 February 2023, holding a tenor of seven years, according to a bourse filing on Tuesday.

Both the minimum subscription and nominal value of the bonds stand at SAR 1 million. Meanwhile, the annual rate of return for the Sukuk and the offering price will be subject to market conditions.

It is noteworthy to mention that HSBC Saudi Arabia and SNB Capital Company are acting as joint lead managers and bookrunners on the deal.

Last December, ACWA Power’s subsidiary ACWA Power Management and Investments One Limited (APMIOne) bought ACWA39 bonds at a value of $400.72 million.

In the first nine months (9M) of 2022, the Tadawul-listed company achieved net profits after Zakat and tax worth SAR 883.42 million, higher by 110.37% than SAR 419.94 million during the January-September 2021 period.

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