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SAIB plans redemption of SAR 500m sukuk

SAIB plans redemption of SAR 500m sukuk
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Riyadh – Mubasher: The Saudi Investment Bank (SAIB) intends to redeem its outstanding SAR 500 million Additional Tier 1 Capital Sukuk on 21 November.

The Sukuk was issued through a private placement on 21 November 2016, according to a bourse filing on Wednesday.

SAIB said regulatory approval has been obtained to allow the redemption transaction.

The redeemed amount will be transferred to the Sukukholders' accounts on 21 November.

It is worth noting that the issuance comprised 500 Sukuk notes at a par value of SAR 1 million per each note as on the redemption date.