ADVANCED
2330
2330
Advanced Petrochemical Co. (APC) announced the successful completion of its first Shariah-compliant Sukuk amounting to SAR 1 billion on November 17, 2014.
The total order book reached SAR 2.43 billion, 2.4 times the issuance size.
The current issue was made on a floating rate basis with a term of five years to be distributed semiannually.
This issue was a private offering to sophisticated investors in Saudi Arabia. The participant investors also included government Institutions, insurance companies, investment and money market funds, companies and financial institutions, which reflects the company’s strong financial solvency and investor confidence.
Chairman Mr. Khalifa Al-Mulhem said the successful completion of its first Sukuk issue will provide funding for general corporate purposes to achieve its strategic plans.
The total order book reached SAR 2.43 billion, 2.4 times the issuance size.
The current issue was made on a floating rate basis with a term of five years to be distributed semiannually.
This issue was a private offering to sophisticated investors in Saudi Arabia. The participant investors also included government Institutions, insurance companies, investment and money market funds, companies and financial institutions, which reflects the company’s strong financial solvency and investor confidence.
Chairman Mr. Khalifa Al-Mulhem said the successful completion of its first Sukuk issue will provide funding for general corporate purposes to achieve its strategic plans.
Source:
Mubasher
