The National Commercial Bank announced its intention to issue additional Sukuk of Class 1 in Saudi Riyals.
According to the bank’s statement to the Saudi market (Tadawul) today, the bank appointed Al-Ahly Finance individually, as director of the underwriting registry and as a major coordinator and manager of the underwriting, for the possible private placement. p>
The bank indicated that it will determine the value of the offering in terms of the number of bonds issued and their value according to market conditions.
He indicated that the purpose of the prospect is to strengthen the capital base of the bank in accordance with the framework of the Basel III agreement.
As Al-Ahly clarified in a future disclosure to the Stock Exchange today, that it intends to redeem the billion (1) sukuk issued in the year 2015, against its nominal value. June 22, 2020.
The bank decides to redeem the sukuk on the date of the first call-up, i.e. June 22, 2020, and it will transfer the nominal value of the sukuk and any current periodic dividend amounts (for the period ending 22) June 2020) to the Sukuk holders on this date based on their ownership on 7 June 2020. The required regulatory approvals have been obtained.
