Logo of Knowledge Tower Trading Co.
Knowledge Tower Trading Co. announced its intention to issue SAR-denominated Murabaha sukuk worth SAR 20 million.
According to a statement to Tadawul, the company appointed Tarmeez Capital as the sole arranging manager to create, issue and offer sukuk.
The sukuk will be offered through the website of Tarmeez Capital, which is authorized by the Capital Market Authority (CMA) to create a platform for offering and investing in debt instruments, the statement pointed out.
The company aims through the offering to enhance its working capital, support operational activities, and invest in real estate. In addition, according to the study conducted by the company to request this financing, it is expected to have a financial impact exceeding SAR 20 million during the next three years.
The announcement does not constitute an invitation or offer to buy, own or subscribe to any securities, the statement highlighted, indicating that Knowledge Tower will announce material developments in due course in accordance with the relevant laws and regulations.
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