Alkhair Capital: Action underway over unpaid Rawasi sukuk return

Alkhair Capital said it is completing the relevant procedures regarding the non-payment of the periodic distribution amount due on Rawasi Albina’s sukuk

Alkhair Capital Saudi Arabia, acting as the sukukholder agent for Rawasi Albina Investment Co.’s sukuk (series 1), said it is completing the relevant procedures regarding the non-payment of the periodic distribution amount due on the sukuk.

In a statement to Tadawul, the company said that, under the sukuk documents, procedures related to events of default include notifying sukukholders of an event of default and coordinating the appropriate mechanism for communicating with them. This includes holding a sukukholders’ meeting to update them on developments and present the options available to them.

The proposed procedures include coordinating with relevant parties to determine the mechanism for holding the sukukholders’ meeting, as well as preparing the agenda, and the registration and voting mechanism, along with the proposed resolutions.

Quorum and voting requirements vary depending on the agenda item.

For ordinary business that does not involve voting on an extraordinary resolution, the quorum requires the attendance or representation of sukukholders representing at least 25%.

For voting on an extraordinary resolution that does not relate to amendments to the key terms, the quorum requires the attendance or representation of sukukholders representing at least 50%.

For voting on an extraordinary resolution relating to amendments to the key terms, the quorum requires the attendance or representation of sukukholders representing at least 66.6%.

Passing an extraordinary resolution requires the approval of at least 75% of the votes cast at the meeting.

Alkhair Capital said it intends to publish a subsequent announcement inviting sukukholders to the meeting and specifying the meeting date, agenda, registration and voting mechanism, and relevant documents within no more than five business days from the date of this announcement, after completing the necessary coordination with relevant parties.

According to Argaam data, Rawasi Albina recently announced that it was unable to distribute the periodic return on its first sukuk issuance for the period from March 10, 2026, to Sept. 10, 2026, due to the current cash liquidity level.