Najran Cement fully redeemed SAR 355 million sukuk on Thursday, June 11, 2020, the company said in a bourse statement.
The total number of redeemed sukuk is 355 and the nominal value at redemption was SAR 1 million.
The redemption amount was deposited into sukuk holders’ accounts on June 11, 2020, the statement said, adding that the payment process was funded through a bank financing obtained by the company.
|
Details of Redemption |
|
|
Total amount |
SAR 400 mln |
|
Amount of redeemed sukuk |
SAR 355 mln |
|
Percentage of redeemed sukuk |
88.75% |
|
Issuance date |
June 14, 2015 |
|
Trading end date |
June 11, 2020 |
|
Number of redeemed sukuk |
355 Sak |
|
Sukuk par value |
SAR 1 mln |
|
Total issuance value after redemption |
0 |
|
Date of depositing the amount in sukuk holders’ accounts |
June 11, 2020 |
|
Entity responsible for deposit and contact details |
Saudi Fransi Capital |
The transaction will have a financial impact on Q2 2020 financials.
According to data compiled by Argaam, Najran Cement signed, in April, signed a SAR 355 million Shariah-compliant credit facility agreement with Bank Aljazira.
The company announced, on Dec. 12, 2019, the repurchase and cancellation of 45 sukuk worth SAR 45 million, representing 11.25% of the total issuance value.
On June 14, 2015, Najran issued local Sharia-compliant, riyal-denominated bonds in worth SAR 400 million, which was offered in a private placement at nominal value, maturing in June 2020.
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