Dar Al Arkan fully redeems $500 mln Islamic sukuk

11/04/2022 Argaam

Logo of Dar Al Arkan Real Estate Development Co.

Dar Al Arkan Real Estate Development Co. fully redeemed its $500 million Islamic sukuk (2022 Series 4 MTN). It redeemed 500,000 sukuk at a par value of $1,000 each.

 

The sukuk were issued on April 5, 2017, while their trading ended on April 10, 2022, the real estate developer said in a statement to Tadawul. The relevant amounts will be credited to sukuk holders’ accounts on April 11 via Deutsche Bank, the paying and sukuk holders’ agent.

 

The company expected the financial impact of the redemption to show in Q2 2022, noting that the sukuk redemption was financed by its internal resources on the maturity date with the principal transferred to the designated account.

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