Logo of Al Kathiri Holding Co.
Al Kathiri Holding Co. will issue the first series of SAR-denominated sukuk for individual and institutional investors on March 12.
In a filing to Tadawul, the company said the offering value was set at SAR 100 million.
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Details of Sukuk |
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Offering Type |
First series of SAR-denominated sukuk to be issued in a public offering |
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Offering Value |
SAR 100 mln |
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Start Date |
March 12, 2023 |
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End Date |
March 23, 2023 |
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Target Investors |
Natural and legal persons who are entitled to subscribe to the sukuk in the Kingdom and any other relevant jurisdiction where the sukuk may be lawfully offered |
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Minimum Subscription Limit |
Five instruments at a nominal value of SAR 5,000 |
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Offering Price |
SAR 1,000 per instrument |
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Nominal Value |
SAR 1,000 per instrument |
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Instrument Yield |
The yield will be determined and announced no later than March 9, 2023 |
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Maturity Period |
Five years from the sukuk settlement date |
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Terms of Redemption |
The sukuk will be redeemed at the maturity date of the first series |
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Offering Manager |
Alkhair Capital Saudi Arabia as financial advisor and sole lead manager |
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Receiving Agents |
Riyad Bank, Arab National Bank (ANB) and Dinar Investment |
Institutional investors seeking to purchase the sukuk should submit a duly completed form to the relevant lead manager, the company said.
It added that retail investors should submit a duly completed form to the receiving agents through the internet, phone banking, or the ATMs of the receiving agents.
The offering value was set at SAR 100 million, Argaam earlier reported.
The purchase of sukuk is subject to satisfying the terms and conditions set out in the investor application form and the base prospectus dated Sept. 28, 2022.
In September 2022, the Capital Market Authority (CMA) approved the application of Special Purpose Entity (SPE), Sukuk Al Kathiri, for the registration and public offering of debt-based recourse debt instruments within a SAR 500 million program.
The proceeds will be used to fulfill the company’s financial and strategic goals.
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