Logo of Dar Alarkan Real Estate Development Co.
In a statement to Tadawul today, Feb. 17, the company said internal resources were used to redeem the sukuk at maturity. The funds were transferred to the designated account.
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The financial impact of the transaction will be reflected in Q1 2025 results.
The following table shows details of the redeemed sukuk:
|
Details of Redeemed Sukuk |
|
|
Item |
Details |
|
Issue Type |
$600 mln sukuk |
|
Redeemed Sukuk Value |
$600 mln |
|
Redeemed Percentage (%) |
100% |
|
Number of Redeemed Sukuk |
3,000 |
|
Issue Date |
Oct. 15, 2019 |
|
Trading End Date |
Feb. 17, 2025 |
|
Par Value at Redemption |
$200,000 |
|
Post-Redemption Issuance Value |
N/A |
|
Deposit Entity |
HSBC (paying agent & sukukholders’ representative) |
Dar Al Arkan closed its sixth sukuk tranche in 2019 under its USD-denominated Islamic sukuk program. The issuance totaled SAR 2.25 billion ($600 million), according to Argaam’s data.
The company issued 3,000 sukuk, each with a $200,000 par value and a 6.75% annual yield. Full redemption was set for Feb. 15, 2025.
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