Logo of Rawasi Albina Investment Co.
Rawasi Albina Investment Co. will offer sukuk from the first series of its local SAR-denominated sukuk issuance program, with the retail and institutional subscription period set to begin on Feb. 16, 2025.
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In a statement to Tadawul, the company said the issuance is initially valued at SAR 50 million. The final issuance size will be determined upon completion of the offering period, based on market conditions at the time.
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Details |
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Issue Type |
First series of SAR-denominated sukuk, which will be offered through a public issuance |
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Issue Value |
Initially SAR 50 mln. The final issuance size will be determined upon completion of the offering period, based on market conditions at the time. |
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Start Date |
Feb. 16, 2025 |
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End Date |
Feb. 27, 2025 |
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Target Participants |
Eligible natural and legal persons in the Kingdom and any other relevant jurisdiction where the sukuk may be lawfully offered. |
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Lead Manager |
Alkhair Capital is the sole arranger and dealer |
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Subscription Minimum Limit |
Five sukuk with a nominal value of SAR 5,000. For further details, please refer to the base sukuk prospectus. |
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Offer Price |
SAR 1,000/certificate |
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Par Value |
SAR 1,000/certificate |
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Return |
10.25% per annum payable semi-annually in arrears on each distribution date |
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Maturity |
5 years |
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Redemption Terms |
At the maturity date, subject to any purchase, cancellation, or early redemption, the sukuk shall be redeemed at 100% of the aggregate nominal value of the series, and the issuer shall call the option on any periodic distribution date starting from the third issuance year. |
Rawasi Albina said the sukuk will be senior, unsubordinated, and unsecured, with a credit rating of “BBB” and a stable outlook from a financial research firm.
Regarding Zakat treatment, the company noted that the sukuk will be classified as capital/equity, and its nominal value will be included in the company’s Zakat base, with Zakat payments made accordingly.
Investors seeking to purchase the sukuk must submit a correctly completed investor purchase request form to the lead manager or receiving agents through the available channels.
The receiving entities are SNB Capital, Al Rajhi Capital, Saudi Fransi Capital, Riyad Capital, Al Bilad Investment, AlJazira Capital, Alistithmar Capital, Derayah Financial, ANB Capital, Alinma Investment, Alawwal Invest, Yaqeen Capital, Al Khabeer Capital, and Sukuk Capital.
The purchase of the sukuk by investors is subject to satisfying the terms and conditions set out in the investor application form and the base prospectus.
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