Saudi's Bahri to launch SAR 3.93 bln Sukuk to finance debts

05/03/2015 Argaam
National Shipping Company of Saudi Arabia (Bahri), which operates a fleet of crude oil and chemical tankers, said it plans to launch a long term Sukuk program during the second quarter of this year.
 
The Sukuk, or Islamic bonds, will have a 10-year tenure and a maximum value of SAR 3.93 billion.
 
Proceeds will be used to repay the company’s Murabaha bridge loan obtained last June, in addition to financing Bahri’s other needs.
 
Bahri, which is 28 percent owned by the kingdom-owned Public Investment Fund, said the Sukuk should be available once it receives the go-ahead from its general assembly and other regulatory bodies.

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