ANB plans early redemption of SAR 2 bln Sukuk

Arab National Bank (ANB) is planning to fully redeem its SAR 2 billion, Tier 2 Sukuk on Oct. 7, 2020 at face value, the bank said in a statement to Tadawul on Wednesday.

The ten-year Sukuk, originally maturing on Oct. 7, 2025, was classified as Tier 2 subordinated debt in accordance with the Basel III framework.

The required regulatory approval has been obtained for the early redemption.

The redemption amount along with the periodic distribution amount (profit for the current period ending Oct. 7, 2020) will be transferred to Sukuk holders on that date based on their respective holdings as of Sep. 28, 2020, the statement added.