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Najran Cement redeems SAR 355m Sukuk

Najran Cement redeems SAR 355m Sukuk
The Sukuk matured on 11 June 2020
0.17% 23.64 0.04

Riyadh – Mubasher: Najran Cement Company on Sunday announced that it has fully paid off the existing Sukuk worth SAR 355 million.

The payment process was financed via a SAR 355 million Sharia-compliant loan from Bank AlJazira that was received on 4 June 2020, according to a bourse statement.

On 14 June 2015, the company issued the local Sukuk, which matured on 11 June 2020, at a value of SAR 400 million.

On 12 December 2019, the company carried out a buyback and a partial cancellation of the Sukuk at a total value of SAR 45 million, representing 11.25% of the total issuance.

The transaction’s material impact will reflect on the company’s financial statements for the second quarter (Q2) of 2020, the statement said.