SAB plans to fully redeem SAR 5B sukuk

Saudi Awwal Bank (SAB) headquarters

Saudi Awwal Bank (SAB) plans to fully redeem its SAR 5 billion Tier 2 sukuk at face value on July 22, marking the end of the fifth year since issuance.

 

In a statement to Tadawul, SAB said the sukuk were issued on July 22, 2020, and are due to mature in 2030. Under the sukuk terms, SAB has the option to call the instruments in 2025 and has secured the necessary regulatory approvals.

 

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Details of the Redeemed Sukuk

Type of Sukuk

A private placement of Tier 2 sukuk denominated in SAR

Total Value

SAR 5 bln

Redemption Rate

100%

Total Redeemed Sukuk

5,000 sukuk

Issuance Date

July 22, 2020

Trading Suspension Date

July 22, 2025

Face Value at Redemption

SAR 1 mln

Redemption Payment Date

July 22, 2025
 

The bank will pay the principal amount along with any accrued but unpaid profit distributions to sukuk holders in line with the issuance terms.

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