Saudi German Health completes issuance of SAR 1B sukuk

Logo of Middle East Healthcare Co. (Saudi German Health)

Middle East Healthcare Co. (Saudi German Health) announced the completion of its SAR-denominated sukuk issuance, valued at SAR 1 billion.

In a statement to Tadawul, the company said the early redemption of the sukuk before the maturity date is permissible under specific conditions outlined in the base issuance prospectus and the relevant final terms.

Investors can review the final terms for the sukuk series, which will be made available on the website of Al Rajhi Capital, the lead manager, on March 6, 2024.

The allocation of sukuk to investors will be completed by the end of Feb. 29, with the sukuk settlement expected to be finalized on March 6, 2024, the statement added.

The process of refunding excess subscription funds to eligible investors will commence on March 6, 2024. These surplus subscription funds will be deposited into the accounts of eligible investors following the established procedures of the relevant authorities, the company indicated.

Upon the completion of all necessary regulatory procedures for sukuk listing, the sukuk will be listed, and trading will commence on the Saudi Exchange (Tadawul). Details regarding this listing will be announced in due course, the statement added.

The company emphasized that this announcement should not be construed as an invitation or an offer to buy, own, or subscribe to any securities. It is subject to the terms and conditions specified in the sukuk.

Saudi German Health said that it would announce any other significant developments in due course aligning with relevant regulations and laws.