The National Commercial Bank of Saudi Arabia announced the launch of additional Sukuk from Category 1 through a private offering in accordance with market conditions.
The bank said in a statement to the Saudi market (Tadawul) today, Thursday, that the additional Sukuk of Category (1) in Saudi riyals, and the value of the offering and the number of Sukuk to be offered will be determined based on On market conditions.
The bank explained that the beginning of the Sukuk launch is from today 4 June 2020, and the offering will end on December 31 of the same year.
Regarding the target group of the issuance, the bank clarified that they are experienced investors as defined in Article 9 of the rules of offering securities and ongoing obligations.
He indicated that the entity responsible for managing the issuance is Al-Ahli Capital, who was appointed by the bank individually as director of the underwriting registry and as a major coordinator and manager of the underwriting, for the possible private placement.
The bank stated that the minimum subscription for the issue is 10 million Saudi riyals, with a nominal value of one million riyals, while the offering price is subject to market conditions, as well as the return from the issuance.
The bank said that it is permissible to redeem the sukuk early, based on a capital event or tax event, or based on the bank’s choice, according to what is indicated in the terms and conditions of the sukuk.
