SEC to discuss purchase date extension of SAR sukuk

SEC to discuss purchase date extension of SAR sukuk
(Photo Credit: Arabianeye-Reuters)
Saudi Electricity 5110 0.59% 23.79 0.14

Riyadh – Mubasher: Saudi Electricity Co (SEC) said that it is willing to hold discussions with interested sukukholders to extend the purchase date of its SAR sukuk expiring in 2030 (Sukuk III, listed in the Saudi Stock Exchange).

Any such extension would be subject to the terms being acceptable to the company, according to a bourse filing on Wednesday.

In case sukukholders did not wish to extend their purchase date or an agreement on extension terms was not reached, the company will purchase their sukuk on the original purchase date on 10 May.

The company has mandated HSBC Saudi Arabia Ltd., NCB Capital Company, and Samba Capital & Investment Management Co as its financial advisors to discuss the terms of such an extension with sukukholders, the statement said

Any extension for interested sukukholders will require a convention of a special meeting of Sukuk III-holders.

“Any such meeting will be announced following discussions with sukukholders of the terms of any such extension and subject to official approvals,” the company added.

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Source: Mubasher