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SAIB plans full redemption of SAR 285m Sukuk

SAIB plans full redemption of SAR 285m Sukuk
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Riyadh – Mubasher: The Saudi Investment Bank (SAIB) intends to fully redeem Additional Tier 1 Capital Sukuk amounting to SAR 285 million on 6 June this year, the first call date.

SAIB had issued the 285 Sukuk notes on 6 June 2017 at a par value of SAR 1 million per each note, according to a bourse disclosure.

The Saudi lender has obtained all regulatory approvals to allow the Issuer to carry out the redemption process.

Last March, SAIB announced plans to issue SAR-denominated Tier 1 Sukuk programme in order to offer up to SAR 2 billion worth of notes through a private placement.