The Saudi British Bank (SABB) plans to early repay its second level Sukuk, which amounts to 1.5 billion Saudi riyals, next May 31, in full face value.


According to ArabiaNet, the bank launched the sukuk on May 28, 2015 through a private placement of 1.5 billion Saudi riyals, making it a second-tier affiliated debt according to Basel Framework 3.


In a statement to the Saudi Stock Exchange, Tadawul, the bank indicated that the original maturity date of the sukuk is May 28, 2025.


He added that the nominal value of the sukuk and any amounts distributed (dividends) payable periodically for the period ending in May 2020 will be transferred to the holders of the sukuk on this date, based on their sukuk as on the date of April 20, 2020.


Sukuk trading will be suspended from the date of notification of the Sukuk holders by their agents. Whereas, if the required regulatory approval is obtained in this regard.