Al Kathiri set to issue first series of SAR-denominated sukuk

Logo of Al Kathiri Holding Co.

Al Kathiri Holding Co. unveiled plans to issue the first series of the Shariah-compliant, SAR-denominated Sukuk in a public offering, according to a statement to Tadawul.

Al Kathiri appointed Alkhair Capital as a financial advisor and the sole lead manager for the issuance.

The company also revealed plans to conduct promotional campaigns just before the issuance to evaluate the investor turnout and the market demand.

The value of the sukuk issuance will be determined later pending the market conditions, as the issuance aims to fulfill the company’s general commercial purposes in addition to the strategic as well as the financial objectives, in line with the company’s prospectus.

Any material developments will be duly announced in line with the applied regulations.

Al Kathiri Holding Co. issued on Feb. 15 the prospectus for a SAR-denominated Sukuk offering, as per the Shariah-compliant local Sukuk program at a value of SAR 500 million, Argaam reported.