Aldrees buys USD-denominated sukuk worth SAR 223.9M from Riyad Bank

08:46 AM (Mecca time) Argaam
Logo ofAldrees Petroleum and Transport Services Co. (Aldrees)

Logo of Aldrees Petroleum and Transport Services Co. (Aldrees) 

Aldrees Petroleum and Transport Services Co. purchased USD-denominated additional Tier 1 sustainable sukuk worth SAR 223.87 million ($59.7 million) from Riyad Bank on Oct. 1, according to a Tadawul statement.

 

The self-financed purchase will have an expected return of 5.5% annually for a period of five and a half years, the company said, noting that the sukuk is not tradable.

 

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It added that the dividend will be distributed on a semi-annual basis for the diversification of investment opportunities and safe investment in sukuk.

 

According to data available with Argaam, Riyad Bank completed its $750 million worth of USD-denominated additional Tier 1 sustainable sukuk issuance, under its international additional Tier 1 sukuk program.

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