SEC completes partial purchase of sukuk

SEC completes partial purchase of sukuk
(Photo credit: Company Website)
Saudi Electric 5110 0.46% 21.84 0.10

Riyadh - Mubasher: Saudi Electricity Company (SEC) successfully completed the partial purchase of the sukuk from those sukukholders who wished to have their sukuk purchased by the company on the first purchase date on 10 May 2017.

The company purchased 126,931 sukuk at a nominal value of SAR 10,000 per sak and an aggregate nominal value of SAR 1.27 billion, representing 18.13% of the aggregate nominal value worth SAR 7 billion at the date of issuance.

Trading of the purchased Sukuk was suspended and will be canceled on 10 May; therefore, the aggregate nominal value of the sukuk outstanding would reach SAR 5.73 billion, according to a bourse filing on Wednesday.

Samba Financial Group, who act as the payment administrator, will deposit the purchase price in the accounts of the relevant sukukholders on 10 May.

The special assembly of the sukuk holders of SEC had approved the proposed amendments to its SAR 7 billion sukuk terms and conditions.

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Source: Mubasher