Saudi-based Sahara International Petrochemical Co. (Sipchem) is planning to redeem in full its 1 billion riyals ($267 million) of sukuk on April 18, 2021, at face value.

The company said in a statement to Tadawul Thursday that the redemption was two months early.

The sukuk was offered through a private placement on June 16, 2016, while the original maturity date is June 16, 2021.

The redemption amount along with the profit will be transferred to sukuk holders on April 18, 2021, based on their respective holdings as of April 7, 2021, the statement added.

A total of 1,000 sukuks, at a nominal value of SAR 1 million each, were issued.

Source Zawya