SAIB to fully redeem SAR 285 mln sukuk due on June 6

28/04/2022 Argaam

Saudi Investment Bank headquarters

The Saudi Investment Bank (SAIB) is planning to redeem its SAR 285 million additional Tier 1 capital sukuk on the first call date, June 6, 2022, at face value, the lender said in a statement to Tadawul.

 

The sukuks were offered through private placement on June 6, 2017, in compliance with applicable laws and regulations, which entails redemption at the issuer’s option on the first call date.

 

SAIB added that the total number of redeemed sukuk is 285, while the sukuk par value at the redemption date will hit SAR 1 million, pointing out that the redemption percentage of the total issuance is 100%.

 

Any payable periodic profit distribution (for the period ending June 6, 2022) will be transferred to sukuk holders on that date, effective from the beginning of the business day on the transfer record date (seven business days prior to due date).

 

The necessary regulatory approvals were obtained for this purpose. The sukuk trading period will end on June 6, 2022, the statement added.

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