Bank AlJazira plans SAR 5 mln Additional Tier 1 sukuk issue

31/05/2023 Argaam

Logo of Bank AlJazira

Bank AlJazira  plans to issue Additional Tier 1 sukuk at a total value of SAR 5 million maximum through a private placement in Saudi Arabia, the bank said in a statement to Tadawul. 

 

The planned issue was approved by the bank's board of directors on Feb. 27. 

 

The sukuk value will not exceed SAR 5 billion. It will be accurately determined at a later stage, subject to market conditions, the statement added. 

 

The bank aims to strengthen its capital base in accordance with Basel III framework.

 

AlJazira Capital was hired as the sole lead manager and bookrunner for the potential offer, the bank added.

 

The sukuk offer is subject to the approval of the relevant regulatory authorities and will take place in compliance with applicable laws and regulations.

 

This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the sukuk.

 

The bank will announce any other relevant material developments in due course as required by the relevant rules and regulations.

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