Al Rajhi Bank announces its intention to issue Additional Tier 1 Sukuk denominated in SAR, by way of a public offering
| Element List | Explanation |
|---|---|
| Introduction | With reference to the Capital Market Authority’s approval of the application submitted by Al Rajhi Bank (the "Bank") to register and offer of additional Tier 1 Sukuk denominated in SAR (the "Sukuk") pursuant to the Additional Tier 1 Sukuk Programme denominated in SAR (the "Programme") established by the Bank on 24/03/1444H (corresponding to 20/10/2022G), the Bank announces its intention to issue the Sukuk and the public offering thereof pursuant to the Programme.
The Bank has mandated Al Rajhi Capital Company as financial advisor, sole arranger and dealer for the purposes of establishing the Programme and the issuance and offering of the Sukuk thereunder. |
| Offer Type | Public offering of Additional Tier 1 Sukuk denominated in SAR pursuant to the Programme. |
| Date of the board’s decision | 2022-09-05 Corresponding to 1444-02-09 |
| Value of the offer | The issuance amount will be determined at a later stage based on market conditions at that time. |
| The Purpose of the offer | To enhance its tier 1 capital as well as for general corporate purposes as detailed in the base prospectus prepared in relation to the Sukuk. |
| Approvals | The Capital Market Authority has issued its approval on 24/03/1444H (corresponding to 20/10/2022G) on the Bank’s application to register and offer the Sukuk pursuant to the Programme.
The Saudi Exchange Company (Tadawul) has issued its approval on 23/03/1444H (corresponding to 19/10/2022G) on the Bank’s application to list the Sukuk on the Saudi Stock Exchange (Tadawul).
The Bank has also obtained the non-objection of the Saudi Central Bank (SAMA) dated 29/02/1444H (corresponding to 25/09/2022G) with respect to the issuance of the Sukuk. |
| Additional Information | The Bank announces the publication of the base prospectus in relation to the Sukuk, and which can be viewed from the Capital Market Authority’s website (https://cma.org.sa), the website of the Saudi Exchange (Tadawul) (www.saudiexchange.sa), the Bank’s website (https://www.alrajhibank.com.sa/) and the website of the financial adviser, sole arranger and dealer (https://www.alrajhi-capital.com/).
The Bank stresses the importance of reviewing the base prospectus carefully and in full before making any investment decision in relation to any offering of the Sukuk. This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities. The Bank will announce any other relevant material developments in due course as required by the relevant rules and regulations. Prior to the commencement of the offering period, the Bank intends to conduct roadshows in relation to the Sukuk to specific categories of investors to gauge interest in the offer and market demand.
The prospectus can be viwed at : https://cma.org.sa/en/Market/Prospectuses/Documents/AlrajhiSukukEN.pdf |
Comments