Raya Financing issues prospectus for SAR 500M sukuk program

Raya Financing said the sukuk will be issued at a nominal value of SAR 1,000 each

Raya Financing Co. issued a prospectus for its additional Tier 1 (AT1) capital sukuk program, with a nominal value of SAR 500 million. The program will be implemented through multiple tranches, in accordance with the general terms and conditions and the final terms applicable to each tranche.

According to the prospectus, the sukuk will be issued in series, with each series potentially comprising one or more tranches issued on different dates. Sukuk within each series will be subject to the same or substantially identical terms and conditions, except for the amount and date of the first periodic distribution payment and its commencement date.

The sukuk will be issued at a nominal value of SAR 1,000 per sak, with the number of sukuk for each series specified in the applicable final terms, up to a maximum of 500,000 sukuk under the program.

Raya Financing is headquartered in Dammam, and operates in financial leasing, productive asset financing, small and medium-sized enterprise financing, and consumer finance activities within the Kingdom.

The company’s authorized and fully paid capital amounts to SAR 330 million, divided into 33 million ordinary shares with a nominal value of SAR 10 per share.

As of the date of the program prospectus, the issuer’s entire share capital is owned by Almajdouie Motors Co. Ltd., which is 94% owned by Almajdouie Holding Co. Ltd.