Atlas Elevators set to launch SAR-denominated sukuk offering

Logo of Atlas Elevators General Trading & Contracting Co.

Atlas Elevators General Trading and Contracting Co. will launch a SAR-denominated sukuk offering from Oct. 19 and running until July 1, 2027, according to a statement to Tadawul.

The issuance will take place through the website of Sukuk Capital, which is licensed by the Capital Market Authority (CMA) to operate a platform for offering and investing in debt instruments. The offering aims to support the expansion of investment activities at the company’s affiliated factory.

The issue value was initially set at SAR 40 million, Atlas Elevators said, adding that the final amount will be determined at the end of the offering period based on prevailing market conditions.

The table below shows the details of the offer:

The company stated that proceeds from the sukuk will be used to expand the investment activities of Atlas National Elevator Co., a subsidiary of Atlas Elevators, and to relocate its factory to the Second Industrial City in Riyadh.

The company also plans to establish an automated escalator manufacturing facility, the first of its kind for escalators and conveyor belts in the Middle East, in addition to new production lines for kitchens, aluminum, glass, electrical panels, fireboxes, and fire-resistant doors.