Najran Cement fully redeems SAR 355 mln sukuk

Najran Cement fully redeemed SAR 355 million sukuk on Thursday, June 11, 2020, the company said in a bourse statement.

The total number of redeemed sukuk is 355 and the nominal value at redemption was SAR 1 million.

The redemption amount was deposited into sukuk holders’ accounts on June 11, 2020, the statement said, adding that the payment process was funded through a bank financing obtained by the company.

The transaction will have a financial impact on Q2 2020 financials.

According to data compiled by Argaam, Najran Cement signed, in April, signed a SAR 355 million Shariah-compliant credit facility agreement with Bank Aljazira.

The company announced, on Dec. 12, 2019, the repurchase and cancellation of 45 sukuk worth SAR 45 million, representing 11.25% of the total issuance value.

On June 14, 2015, Najran issued local Sharia-compliant, riyal-denominated bonds in worth SAR 400 million, which was offered in a private placement at nominal value, maturing in June 2020.