The National Shipping Company of Saudi Arabia ( Bahri ) has updated the prospectus for its SAR 3.9 billion sukuk issue.
The proceeds will be used to repay a Murabaha (an Islamic financing facility) bridge loan, while the remaining amount will be used for commercial activities, the company said in a statement to Tadawul on Wednesday.
The sukuk issue carries a maturity till July 30, 2022, unless it is purchased or cancelled before this date.
Subscription, with minimum value of SAR 1 million, is open to institutional investors while retail investors can purchase the sukuk from the Saudi Stock Exchange following its listing, according to the prospectus.
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Sukuk Issue – Details |
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National Shipping Company of Saudi Arabia |
Manager of sukuk assets |
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HSBC-- JP Morgan – SAMBA Capital |
Arranging the transaction |
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HSBC |
Agent of sukuk shareholders |
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National Shipping Company of Saudi Arabia |
Secretary of sukuk assets |
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Institutional, retail |
Investors |
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SAR 3,900 mln |
Nominal value |
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One sukuk |
Minimum issuance |
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3,900 sukuk |
Maximum |
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100% of sukuk total value |
Issuance price |
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SAR |
Currency |
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