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Aramco plans Sukuk sale to finance $75bn dividends

Aramco plans Sukuk sale to finance $75bn dividends
The company is mulling a sale of both dollar and local-currency Sukuk
SAUDI ARAMCO
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Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) is planning to sell Sukuk that would enable the company to fund a $75 billion dividend commitment, sources told Bloomberg. 

Saudi Aramco has selected around 15 banks to manage the sale of Sukuk, through which the state-controlled company may seek to raise about $5 billion.

The sources referred that the company is mulling a sale of both dollar and local-currency Sukuk that could happen this month.

However, no decision has been made and the firm may delay the deal if market conditions deteriorate.

It is noteworthy to mention that during the first quarter (Q1) of 2021, Aramco's net profits increased by 30% to $21.7 billion (SAR 81.44 billion), compared with $16.7 billion (SAR 62.47 billion) in Q1-20.