Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) on Thursday announced the proposed early redemption of its SAR 1 billion Sukuk in full at face value.

The Sukuk was offered through a private placement in 2016 for an amount of SAR 1 billion, with its original maturity date being 16 June 2021.

However, Sipchem intends to redeem the Sukuk early and said that the face value of the Sukuk and any periodic profit will be transferred to Sukukholders on 18 April, based on their respective holdings as of 7 April, according to the company’s statement to the Saudi Stock Exchange (Tadawul).