Riyad Bank has announced its intention to redeem its SAR 4 billion Sukuk due in 2020, at their face value. In a bourse filing, the lender stated that the redemption amount together with any periodic distribution amount will be transferred by Riyad Bank to the Sukuk holders accounts on 11 November 2018.
The bank issued the Sukuk on 11 November 2013 for an aggregate value of SAR 45 billion with an original maturity period of seven years, meaning that the Islamic bond would mature on 11 November 2020, but callable on 11 November 2018.
“Regulatory approval has been obtained in this regard,” the bank stated.
Riyad bank will transfer the redeemed amount, along with any periodic distribution amount, to sukuk-holders accounts on 11 November 2018 based on their respective sukuk holdings as of 1 November 2018. Riyad Bank’s stock closed 2.4% higher on Tadawul at SAR 16.96.
Source CPI Financial