Logo of National Gas & Industrialization Co. (GASCO)
National Gas & Industrialization Co.’s (GASCO) board of directors approved, in accordance with the investment policy, the purchase of USD-denominated additional Tier 1 sustainable sukuk issued by The Saudi Investment Bank (SAIB), a related party.
The transaction will take place on Nov. 27 for a total of $10 million (SAR 37.5 million), according to a Tadawul statement.
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The Sukuk has an expected annual return of 6.375%, non-traded, with a term of five and a half years. The dividend distribution is semi-annual, and the financial impact of this investment is expected to start in the second quarter of 2025.
Meanwhile, the company said that board member, Ahmed Al-Mohsen, a senior executive at SAIB, has an indirect interest in this transaction.
The transaction was carried out in line with the company’s investment policy and did not grant any preferential benefits, the statement added.
The purchase will be presented at the next general assembly to obtain approval in accordance with the relevant laws and regulations.
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