Logo of Al Kathiri Holding Co.
Al Kathiri Holding Co. completed the offering of its first series of SAR-denominated sukuk, which were fully subscribed by retail and institutional subscribers. The total number of orders amounted to 117,303, with a coverage ratio of 117.30%.
In a statement to Tadawul, Al Kathiri said a total of 41,753 sukuk were allocated to retail subscribers, representing 41.75% of the total sukuk on offer. The retail offering was fully covered with 100% of their orders allocated to retail subscribers.
A total of 58,247 sukuk were allocated to institutional subscribers, representing 58.25% of the total sukuk on offer. The institutional offering was 129.7% covered.
Excess subscription funds will be refunded to eligible subscribers starting April 2 and deposited in the accounts of the eligible investors in accordance with the procedures adopted by the relevant banks.
The sukuk will be listed and traded on Saudi Exchange (Tadawul) when all regulatory requirements are fulfilled.
The sukuk will be settled today, March 30. The periodic distribution dates will fall on Sept. 30 and March 30 of every year. The first periodic distribution will fall on Sept. 30, 2023.
Al Kathiri Holding started the offering on March 12.
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Details of Sukuk |
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Offering Type |
Public offering |
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Issuer |
Sukuk Al Kathiri (Special Purpose Entity (SPE)) |
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Sponsor |
Al Kathiri Holding Co. |
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Rating of Sponsor |
“BBB-” rating with stable outlook from Simah Rating |
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Status of Sukuk |
Senior/unsubordinated, unsecured |
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Number of Sukuk Offered |
100,000 |
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Size of Issue |
SAR 100 mln |
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Offer Price |
SAR 1,000/sak |
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Return |
8.50% per annum, fixed rate paid semi-annually |
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Maturity |
Five years from settlement date |
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Minimum Subscription |
Five sukuk, with par value of SAR 5,000 |
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Offering Start Date |
March 12, 2023 |
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Offering End Date |
March 23, 2023 |
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Lead Manager |
Alkhair Capital |
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Receiving Entities |
Riyad Bank, Arab National Bank, Dinar Investment |
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