RIYADH: Saudi Telecom Company (STC) has announced the start of offering of the first USD denominated issuance of Sukuk pursuant to its Sukuk program.[the_ad id=”31605″]The final value of the first issuance will be subject to market conditions and company’s requirement.
Reference to the announcement from Saudi Telecom Company (STC) published on Saudi Stock Exchange (Tadawul’s) website on 21/3/2019, indicating its intention to establish an international Sukuk Program in a total amount not exceeding USD 5.0 billion and issue Sukuk there under in tranches through a series of issuances either directly or through an offshore special purpose vehicle to be established for this purpose.
Saudi Telecom Company (STC) announced that STC Sukuk Company Limited will start offering the first issue of USD denominated Sukuk under the Sukuk Program.
Certificates will have a minimum denomination of €100,000 (or its equivalent in other currencies as at the date of issue). In the case of any Certificates to be sold in the United States to QIBs, the minimum specified denomination shall be U.S.$200,000 (or its equivalent in other currencies).
Application has been made to the Irish Stock Exchange plc trading as Euronext Dublin for the Certificates issued under the Programme during the period of 12 months from the date of the Base Prospectus to be admitted to the official list and to trading on the regulated market of Euronext Dublin.