Riyadh – Mubasher: Jabal Omar Development Company on Monday announced the beginning of issuing five-year domestic sukuk at a value of SAR 2 billion ($533.3 million).

The Islamic bonds will be offered in a private placement for investors, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi real estate developer further noted that it hired GIB Capital, HSBC Saudi Arabia and JP Morgan Saudi Arabia to lead manage the sukuk issue.

The firm also stated that the minimum subscription value, issuance price, and the par value amounts to SAR 1 million.

The yield will be specified upon the completion of the issue.

The Tadawul-listed company last December revealed plans to issue domestic sukuk at a value of SAR 2 billion ($533 million).

The developer last reported turning to a profit during the full-year 2018, logging SAR 193.78 million against a loss of SAR 600.96 million in 2017.

By 10:57 am Saudi time, Jabal Omar Development Company’s stock levelled up 0.74% to SAR 34.05.