Logo of Al Kathiri Holding Co.
Al Kathiri Holding Co. set the coupon yield of the first series of its SAR-denominated sukuk at 8.50%, payable on a semi-annual basis, according to a statement to Tadawul.
The coupon rate was determined in line with the average of the best bid and offer on the Saudi Exchange (Tadawul) by the close of trading on March 8, for SAR-denominated Government Sukuk.
The yield is also based on a fixed rate benchmark of 4.28% plus an issue premium of 4.22% (422 bps)
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Details of Sukuk |
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Offering Type |
First series of SAR-denominated sukuk to be issued in a public offering |
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Sukuk Issuer |
Sukuk Al Kathiri (a Special Purposes Entity) |
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Sukuk Sponsor |
Al Kathiri Holding Company |
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Sponsor’s Credit Rating |
Simah Rating Agency (Tassnief) (BBB-) with a stable outlook |
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Sukuk Status |
Unsubordinated, unconditional, or unsecured |
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Number of Sukuk |
100,000 |
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Offering Value |
SAR 100 mln |
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Nominal Value |
SAR 1,000 per instrument |
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Instrument Yield |
Fixed rate at 8.50% per annum, payable on a semi-annual basis |
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Maturity |
Five years from the sukuk settlement date |
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Minimum Subscription Limit |
Five instruments at a nominal value of SAR 5,000 |
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Start Date |
March 12, 2023 |
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End Date |
March 23, 2023 |
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Issue Manager |
AlKhair Capital Saudi Arabia as financial advisor and lead manager |
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Receiving Agents |
Riyad Bank, Arab National Bank (ANB) and Dinar Investment |
Institutional investors seeking to purchase the sukuk should submit a duly completed form to the relevant lead manager, the company said.
It added that retail investors should submit a duly completed form to the receiving agents through the internet, phone banking, or the ATMs of the receiving agents.
The offering value was set at SAR 100 million, Argaam earlier reported.
The purchase of sukuk is subject to satisfying the terms and conditions set out in the investor application form and the base prospectus dated Sept. 28, 2022.
In September 2022, the Capital Market Authority (CMA) approved the application of Special Purpose Entity (SPE), Sukuk Al Kathiri, for the registration and public offering of debt-based recourse debt instruments within a SAR 500 million program.
The proceeds will be used to fulfill the company’s financial and strategic goals.
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