RIYADH: The Savola Group Company has announced its intention to establish a Sukuk Programme to raise a sum of SAR 5.3 billion to fulfill the Company’s financial and strategic needs.[the_ad id=”31605″]The sukuk issue either directly or through a special purpose vehicle to be established inside or outside of Saudi Arabia for the purpose of issuing and offering senior and/or subordinated sukuk in one or more tranches or through one issuance or a series of issuances within the Kingdom of Saudi Arabia in a total amount not exceeding SAR 5.3 billion at any time.
The Board of Directors of the Company has approved the establishment of the Programme and the issuance of Sukuk there under. The Board of Directors has also approved the offer of the first issuance under the Progamme, subject to the market conditions and in line with the Company’s financial and strategic needs.
The value and terms of the first issuance under the Programme, the number and value of the Previous Sukuk that may be exchanged and the terms of such exchange, and the value and terms of any other issuance under the Programme will be determined at a later stage, subject to the market conditions.
The offer will be subject to the approval of the relevant regulatory authorities, and the offer will be made in compliance with applicable laws and regulations.