Sadara Chemical sukuk holders to vote on proposed debt restructure on Jan. 26

A special meeting of Sadara Chemical Co. sukuk holders will be held on Jan. 26, 2021, to vote on the proposed restructuring of the company's debts, Sadara Basic Services Co. said in a bourse statement.

In case quorum is not met for the meeting, it will be postponed to Feb. 8, 2021.

Sukuk holders registered at the Depository Center Registry at the end of the trading session 48 hours ahead of the meeting are eligible to attend.

Registration to attend the meeting will be in accordance with the agency declaration and the laws and regulations.

In November 2020, Sadara Basic Services announced that Sadara Chemical Co. seeks to reprofile debt and a letter requesting its consent to amend certain commercial terms relating to SAR 7.5 billion sukuk was received, according to data available with Argaam.

The sukuk was issued on March 31, 2013, and expires on Dec.15, 2028.