National Commercial Bank (NCB) is planning to fully redeem its SAR 5 billion, Tier 2 sukuk on Feb. 25, 2019 at face value, the lender said in a statement to Tadawul on Thursday.

 

The sukuk, originally maturing on Feb. 25, 2024, were offered in a private placement.

 

The required regulatory approval has been obtained for the redemption.

 

The redemption amount along with the periodic distribution amount (profit for the current period ending in February 2019) will be transferred by HSBC Saudi Arabia to sukuk holder accounts on Feb. 14, 2019 (start of the sukuk trading suspension period), the statement added.

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