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SEC completes redemption of $1.25bn Sukuk

SEC completes redemption of $1.25bn Sukuk
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Riyadh – Mubasher: Saudi Electricity Company (SEC) has fully redeemed $1.25 billion worth of the second tranche of its international Islamic Sukuk which had been issued on 3 April 2012.

Listed on London Stock Exchange (LSE), a total of 6,250 Sukuk notes were redeemed at a par value of $200,000 each, according to a bourse filing on Tuesday.

The company noted that the impact of the transaction will be reflected in the financial statements of the second quarter (Q2) of 2022.

Following the transaction process, the Islamic Sukuk will be delisted from LSE.

In 2021, the Saudi listed firm generated net profits after Zakat and tax worth SAR 14.39 billion, an annual surge of 375.57% from SAR 3.02 billion.