CMA extends approval for Al Rajhi Bank’s SAR 10B debt instruments issue

Al Rajhi Bank Tower

The Capital Market Authority’s (CMA) board approved Al Rajhi Bank’s request to extend the validity of its approval on the registration and public offering of debt instruments worth no more than SAR 10 billion for an additional three months from the expiry date of the original approval.

In a statement, CMA said its approval on the application should not be considered as a recommendation to subscribe in the offering or the debt instruments of the issuer, as the approval on the application merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.

According to Argaam’s data, CMA’s board approved, on April 30, Al Rajhi Bank’s application for the registration and public offering of debt instruments worth no more than SAR 10 billion as part of the national debt instruments program.

The no-objection was valid for six months from its date, to be deemed cancelled if the offering and listing of the first tranche of the debt instruments issuance is not completed within this period.