Saudi Investment Bank plans redemption of $133.33mln sukuk

SAIB said regulatory approval has been obtained to allow the redemption transaction

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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Riyadh –  The Saudi Investment Bank (SAIB) intends to redeem its outstanding SAR 500 million Additional Tier 1 Capital Sukuk on 21 November.

The Sukuk was issued through a private placement on 21 November 2016, according to a bourse filing on Wednesday.

SAIB said regulatory approval has been obtained to allow the redemption transaction.

The redeemed amount will be transferred to the Sukukholders' accounts on 21 November.

It is worth noting that the issuance comprised 500 Sukuk notes at a par value of SAR 1 million per each note as on the redemption date.

Source: Mubasher

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