Bank Aljazira announces intention to issue Tier 1 Sukuk denominated in Saudi Arabian Riyals (SAR)
| Element List | Explanation |
|---|---|
| Introduction | Bank AlJazira (the “Bank”) announces its intention to establish a domestic SAR-denominated Tier 1 Sukuk issuance programme of up to five billion Saudi Arabian Riyals (SAR 5,000,000,000) (the “Sukuk Programme”) for the purpose of issuing Tier 1 capital Sukuk in one or more tranches or through one issuance or a series of issuances under the Sukuk Programme by way of private placement in the Kingdom of Saudi Arabia (the “Potential Offer”).
The Bank has mandated AlJazira Capital as the sole arranger for the establishment of the proposed Sukuk Programme and the Potential Offer. |
| Offer Type | Tier 1 Sukuk denominated in Saudi Arabian Riyals (SAR) |
| Date of the board’s decision | 2023-02-27 Corresponding to 1444-08-07 |
| Value of the offer | The total value of the Potential Offer will not exceed five billion Saudi Arabian Riyals (SAR 5,000,000,000). The number and value of the Sukuk to be offered will be determined at a later stage subject to the market conditions. |
| The Purpose of the offer | To strengthen the capital base of the Bank, thus supporting the Bank’s financial and strategic needs. |
| Approvals | The offer will be subject to the approval of the relevant regulatory authorities, and the offer will be made in compliance with applicable laws and regulations. |
| Additional Information | This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities. The Bank will announce any other relevant material developments in due course as required by the relevant laws and regulations. |
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