Al-Modawat plans SAR 30M sukuk issuance

Logo of Al-Modawat Specialized Medical Co.

Al-Modawat Specialized Medical Co. announced its intention to issue SAR-denominated sukuk worth SAR 30 million under its sukuk issuance program through a private placement.

The issuance will be in accordance with the terms and conditions set out in the offering circular.

The move aims to strengthen the company's working capital, Al-Modawat said in a statement to Tadawul.

Sukuk Capital has been appointed as the sole arranger for establishing, issuing and offering the sukuk.

The issuance remains subject to obtaining the necessary approvals from the Capital Market Authority (CMA) under the program.

Al-Modawat said the move aligns with its strategy to support operating activities, keep pace with accelerating demand growth, as well as enhance the efficiency and quality of healthcare services. It will also strengthen the company’s financial flexibility, creating sustainable value for shareholders.

The sukuk offering circular will be available on Sukuk Capital’s website once released.

Any further material developments will be disclosed in due course, the statement said.