SEC sukuk holders OK proposed amendments

SEC sukuk holders OK proposed amendments
(Photo Credit: Company website)
Saudi Electricity 5110 -0.34% 23.76 -0.08

Riyadh - Mubasher: The special assembly of the sukuk holders of Saudi Electricity Company (SEC) approved the proposed amendments to its SAR 7 billion sukuk terms and conditions.

As per the assembly’s decision, the company will purchase SAR 1.27 billion of aggregate nominal value of sukuk on 10 May, representing 18.13% of the total nominal value on the meeting’s day.

A new purchase date has been added in May 2022 in respect of the remainder of the sukuk, with a new margin of 1.35%, instead of 0.95%, for the purpose of determining the remaining periodic distribution amounts for the sukuk which will not be purchased, according to a bourse filing on Thursday.

Earlier in April, the company had 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 on the London Stock Exchange and was due on 3 April 2017.

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Source: Mubasher

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