Red Sea plans SAR 100M Murabaha sukuk issuance

Logo of Red Sea International Co. (RSI)

Red Sea International Co. (RSI) plans to issue SAR-denominated Murabaha sukuk under its sukuk program, with a total value of SAR 100 million.

In a statement to Tadawul, the company said it appointed Tarmeez Capital as the sole arranger for the establishment, issuance, and offering of the sukuk.

The issuance aims to support working capital and complete the remaining costs of restructuring initiatives related to reducing operating expenses of unprofitable operations outside the Kingdom.

The company noted that the sukuk prospectus will be made available on Tarmeez Capital’s website at a later date, stressing the importance of reviewing it carefully and in full before making any investment decision.

It also clarified that this announcement does not constitute an invitation or offer to purchase, own, or subscribe to any securities, adding that it will disclose any material developments in due course in line with relevant rules and regulations.