Savola plans SAR 859M Sukuk buyback

08/12/2024 Argaam
Savola Group headquarters

Savola Group headquarters

Savola Group announced its intention to buy back SAR 859 million worth of Sukuk from its SAR 1 billion issuance in 2019 and maturing in 2026, with a redemption ratio of 85.9% and a total of 859 Sukuk.

 

In a statement to Tadawul, the company said once the buyback is completed, the group plans to cancel these Sukuk in accordance with the relevant terms and conditions.

 

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Each Sak will have a par value of SAR 1 million on the redemption day, while the total issuance value after redemption is SAR 141 million, the company added, noting that redemption value will be deposited into investors’ accounts on Dec. 10.

 

HSBC Saudi Arabia will be responsible for the deposit process and getting in touch with the respective beneficiries, the statement further indicated.

 

This step aims to enhance and improve the group’s capital structure, reduce financial obligations and lower financing costs.

 

The financial impact of this transaction will appear in the annual results of 2024.

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