Saudi Electricity fully redeems international, local sukuk

Logo of Saudi Electricity Co. (SEC)

Saudi Electricity Co. (SEC) fully redeemed its local sukuk listed on the Saudi Stock Exchange (Tadawul), issued on Jan. 30, 2014, under code 5114, as well as its international sukuk listed on the Irish Stock Exchange (Euronext Dublin), issued on Sept. 27, 2018.

In two separate statements to Tadawul, the company said that its 4,000 international sukuk are due on Jan. 27, noting that the nominal value of each sakk upon redemption is $200,000, while the total value is $800 million.

The 4,500 local sukuk are due on January 30; the nominal value per sakk upon redemption is SAR 1 million, with a total value of SAR 4.5 billion, Saudi Electricity added.

Tadawul will suspend trading of local sukuks beginning Jan. 25 and cancel their market listing on Jan. 30. Trading in international sukuks will also cease on January 29, according to the statements.

The financial impact of these sukuk redemptions is expected to be reflected in the financial statements for Q1 2024.