SAIB plans early redemption of SAR 2 bln sukuk

02/05/2019 Argaam

 

The Saudi Investment Bank (SAIB) is planning to fully redeem its SAR 2 billion, Tier 2 sukuk on June 5, 2019 at face value, the lender said in a statement to Tadawul on Thursday.

 

The ten-year sukuk, originally maturing on June 5, 2024, were classified as Tier 2 subordinated debt in accordance with the Basel II.5/III framework.

 

The required regulatory approval has been obtained for the early redemption.

 

The redemption amount along with the periodic distribution amount (profit for the current period ending on June 5, 2019) will be transferred by Riyad Bank to sukuk holders on that date based on their respective holdings as of May 22, 2019 (start of the sukuk trading suspension period), the statement added.

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