Saudi Electricity to plan dollar bonds issue, say sources

09/09/2020 Argaam

Saudi Electricity Co. (SEC), the Kingdom's utility provider, plans to issue dollar-denominated bonds soon, Reuters reported, citing unnamed sources.

 

The company, which holds monopoly in electricity transmission in the country, plans to sell green sukuk, or Islamic bonds, and use proceeds for environment-friendly projects.

 

According to data available with Argaam, SEC signed a seven-year syndicated Murabaha agreement with a number of local banks at SAR 9 billion to finance the company's purposes including capex.

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