Zawya - News: Details - Saudi Investment Bank issues SAR 1.85 billion in additional Tier 1 capital sukuk

Shaimaa Hefzy

The Saudi Investment Bank, listed on the Saudi Stock Exchange, issued additional Tier 1 capital sukuk denominated in Saudi riyals, worth 1.85 billion riyals ($493.3 million) with a fixed annual return of 6.5% paid on a semi-annual basis, according to a statement sent to the exchange on Sunday.

The Saudi Investment Bank was established in 1976 and listed on the Saudi Stock Exchange in 1993. The General Organization for Social Insurance, a government entity, owns 25.60% of it, according to its official website and market data.

The subscription period for the sukuk offering in the Kingdom was extended from April 8 to May 3. The sukuk will be perpetual, with the possibility of early redemption in certain cases.

Investment Securities Brokerage Company and Al Rajhi Financial Company have been appointed as the underwriters for the offering.

(Prepared by: Shaimaa Hefzy, for contact: zawya.arabic@lseg.com)

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