AlNaqool subsidiary to issue SAR 10M sukuk

Logo of Mohammed Hasan Al Naqool Sons Co. 

Mohammed Hasan Al Naqool Sons Co.’s subsidiary, Deer Real Estate Co., plans to issue SAR-denominated real estate development sukuk worth SAR 10 million as part of the Murabaha sukuk program.

The SAR-dominated real estate development sukuk will be offered through the website of Sukuk Capital Co., which is authorized by the Capital Market Authority to offer and invest in debt instruments, Al Naqool said in a statement to Tadawul.

Deer Real Estate appointed Financial Sukuk Co. to arrange the process of issuing the Sukuk and offering them to investors.

The issuance will aid Deer Real Estate in finishing the “Deer Villa” project located in Riyadh’s Al-Qayrawan neighborhood, the statement added.

The related prospectus will be announced later on Sukuk Capital's website, Al Naqool said, underscoring the need for careful and complete reading prior to making Sukuk subscription investment decisions.

The company noted that this announcement does not constitute an invitation or offer to buy, own, or subscribe to any securities.

Any relevant material developments will be announced in due course based on the relevant rules and regulations, Al Naqool added.