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SEC repays 1st tranche of sukuk worth SAR 1.88bn

SEC repays 1st tranche of sukuk worth SAR 1.88bn
(Photo Credit: Arabianeye-Reuters)
SAUDI ELECTRICITY
5110
11.75% 19.78 2.08

Riyadh - Mubasher: Saudi Electricity Company (SEC) said that it has completed the repayment of SAR 1.88 billion ($500 million) of its first tranche of sukuk.

The first tranche was issued on 4 April 2012 in the London Stock Exchange and is due on 3 April 2017, according to a bourse filing on Monday.

SEC transferred the total sum of principal and profit to the designated payment agent, Deutsche Bank, and the sukukholders' accounts will receive funds on 3 April; consequently the sukuk will be delisted, the statement said.

On 26 March, SEC signed an amendment to a joint Local Murabaha Finance structure worth SAR 5 billion ($1.33 billion) which lasts for seven years.

The amendment stipulates an increase in the value to SAR 8 billion ($2.13 billion), according to a bourse filing.