Logo of Development Works Food Co.
Development Works Food Co. announced the start of SAR-denominated Murabaha sukuk issue via Dinar Investment platform and disclosed institutional and retail subscription periods.
Tier 1 sukuk are valued at SAR 5 million, with the final value to be determined after the completion of the offering period and based on the market conditions at that time, the company said in a statement on Tadawul.
The following table indicates details of the offering are as follows:
|
Details of the Sukuk Issue |
|
|
Offering Type |
SAR-denominated Murabaha sukuk |
|
Offering value |
Tier 1 sukuk are valued at a SAR 5 million with the final value to be determined after the completion of the offering period and based on the market conditions |
|
Offering start date |
Jan. 29, 2023 |
|
Offering end date |
Feb. 18, 2023 |
|
Target investors |
Natural and legal persons who are entitled to subscribe to the sukuk in the Kingdom. |
|
Minimum subscription limit |
One instrument at a nominal value of SAR 1,000 |
|
Offering price |
SAR 1,000 per one instrument |
|
Nominal value |
SAR 1,000 per one instrument |
|
Instrument yield |
The sukuk will offer a yield rate on an annual basis at 11.72% for three months, 11.76% for six months, 11.86% for nine months or 11.90% for one year. |
|
Maturity period |
Varies according to the issue periods, starting from three months to one calendar year |
|
Terms of redemption |
Development Works Food may redeem sukuk in certain cases, as detailed in the sukuk issue prospectus, dated Jan. 26, 2023. |
|
Offering manager |
Dinar Investment Co. as the sole lead manager |
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