SAIB plans to redeem SAR 500 mln Tier 1 sukuk

Logo of The Saudi Investment Bank

The Saudi Investment Bank (SAIB) is planning to redeem its SAR 500 million subordinated Tier 1 sukuk on the first call date, Nov. 21, 2021, at face value, the lender said in a statement to Tadawul.

The sukuk were offered through private placement on Nov. 21, 2016, as per sukuk terms and conditions, which can be redeemed at the issuer option on the first call date.

SAIB added that the total number of redeemed sukuk is 500. The nominal value of the sukuk upon redemption is SAR 1 million, pointing out that the redemption percentage of the total issuance is 100%.

Any payable periodic profit distribution (for the period ending Nov. 21, 2021) will be transferred to sukukholders 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 the sukuk call. The sukuk trading will end on Nov. 10, 2021, , the statement added.