Jabal Omar announces partial redemption of sukuk worth $67.5 mln

Logo of Jabal Omar Development Co.

Jabal Omar Development Co. announced today, Feb. 6, the early partial redemption of sukuk amounting to $67.5 million out of the total face amount of $135 million, according to a bourse statement.  

The sukuk was issued on Nov. 15, 2018, with the original maturity date set on Nov. 15, 2023.  

The redemption amount, together with any periodic profit distribution that would be due, will be transferred to the sukukholders' accounts based on their respective holdings, the developer said.  

The percentage of redeemed sukuk out of the total issuance is 50%, with 337.5 sukuk redeemed.  

Sukuk par value on the redemption date is $200,000.  

The amounts will be deposited in sukukholders’ accounts on March 4, 2022, the statement said.  

The step forms part of the company’s turnaround plan that aims to improve its capital structure and reduce its financial obligations and costs.