Savola Group announces completion of sukuk offering

Savola Group has announced that it has completed the offering of a sukuk issuance at a par value of SAR 1 million by way of a private placement.

The value of this issuance has been paid through monetary consideration of SAR 493 million, representing 49.3 percent of the value of the issuance, the company announced in a bourse statement on Tuesday.

The remaining value of the issuance has been paid through exchanging the sukuk of the issuance with a part of the previous sukuk, it added.

On June 18, 2019, Savola Group announced it will start offering the first issuance of its riyal-denominated sukuk program from June 19, 2019 at a par value of SAR 1 million in a private placement.

Savola has appointed HSBC Saudi Arabia to manage the sukuk offer. The company also announced the subscription request has exceeded the issuance value by more than 1.6 times.