SAB plans to issue SAR-denominated Additional Tier 1 Sukuk

21/11/2024 Argaam
SAB headquarters

SAB headquarters

Saudi Awwal Bank (SAB) plans to issue a SAR- denominated additional Tier 1 Sukuk through a private placement in Saudi Arabia, aligning with its SAR 20 billion additional Tier 1 Sukuk issuance program, according to a statement to Tadawul.
 
 

The bank mandated HSBC Saudi Arabia as sole lead manager for the issue.

 

The value and terms of the sukuk issue will be determined at a later stage based on market conditions at that time. The sukuk issue will be directed to boost the bank’s capital base while enabling it to achieve long-term strategic objectives.

 

The proposed offer will be subject to the approval of the relevant regulatory authorities and will be in compliance with applicable laws and regulations.

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