Riyad Bank announces intention to issue Tier 2 Sukuk.
| Element List | Explanation |
|---|---|
| Introduction | Riyad Bank (the “Bank”) announces its intention to establish a domestic SAR-denominated Sukuk issuance programme of up to SAR 10 billion (the “Sukuk Programme”) for the purpose of issuing and offering senior and/or subordinated Sukuk including the issuance of Tier 2 capital-eligible Sukuk (the “Tier 2”) in one or more tranches or through one issuance or a series of issuances and its intention to issue Tier 2 Sukuk under the Sukuk Programme by way of private placement in the Kingdom of Saudi Arabia (the “Potential Offer”).
The Bank has mandated Riyad Capital as the Sole Arranger and Dealer for the proposed establishment of the Sukuk Programme and the Potential Offer. |
| Offer Type | Tier 2 Sukuk. |
| Date of the board’s decision | 2020-12-06 Corresponding to 1442-04-21 |
| Value of the offer | The number and value of the issuance of Tier 2 Sukuk to be offered pursuant to the Sukuk Programme will be determined based on the market conditions. |
| The Purpose of the offer | The purpose of the Potential Offer is to strengthen the capital base of the Bank, thus supporting the Bank’s financial and strategic needs. |
| Approvals | The Potential Offer will be subject to the approval of the competent regulatory authorities, and will be made in compliance with applicable laws and regulations. |
| Additional Information | This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities. The Bank will announce any other relevant material developments in due course as required by the relevant rules and regulations. |
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