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SAIB commences SAR-denominated Tier 1 Sukuk offering

SAIB commences SAR-denominated Tier 1 Sukuk offering
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Riyadh – Mubasher: Saudi Investment Bank (SAIB) has started the offering of its SAR-denominated Tier 1 Sukuk at a par value of SAR 1 million.

The offering will take place during 21-28 June this year, according to a recent bourse disclosure.

Meanwhile, the bank will determine the number and value of the offered Sukuk notes based on market conditions.

The Saudi lender mandated Alistithmar for Financial Securities and Brokerage Company (Alistithmar Capital) as the lead manager and bookrunner for the potential offering.

Last March, SAIB unveiled its intention to issue a Sukuk programme and offer an amount not crossing SAR 2 billion through a private placement.