Rawasi Albina plans local sukuk issuance worth SAR 500 mln

Logo of Rawasi Albina Investment Co.

Rawasi Albina Investment Co. is planning to establish a SAR-denominated sukuk program to issue local Shariah-compliant sukuk worth SAR 500 million, according to a statement to Tadawul.

The move is aimed for the company's general corporate purposes, in addition to meeting its financial objectives and strategies.

The sukuk issuance is subject to the approval of the competent authority. It will be offered in compliance with the relevant laws and regulations.

The company appointed Al-Khair Capital as an advisor on the issuance and offering of the sukuk.

The offering will be limited to qualified investors in the countries in which it will take place, in accordance with the rules and regulations specific to those countries.

Furthermore, the company will announce to its shareholders any other material developments in due course.

The announcement does not constitute an invitation or an offer to buy, own or subscribe to any financial securities, Rawasi Albina added.

Rawasi Albina debuted on Nomu-Parallel Market on Aug. 18, 2022.