Rawasi Albina completes SAR 50M sukuk issue

Rawasi Albina Investment Co. completed the first series of its SAR-denominated sukuk issuance, worth SAR 50 million.

In a statement to Tadawul, the company said that 15,991 investors subscribed to 249,491 certificates, with a coverage ratio of 499%.

An amount of SAR 70 million will be utilized, from the total offering proceeds, as the value of the first issuance and as part of the total sukuk program of SAR 500 million.

The allocation of the sukuk to investors will complete by March 6, and the settlement will take place on March 10.

Refund of the excess subscription funds to the eligible investors will be deposited in the accounts of the eligible investors, in accordance with the procedures adopted by the relevant entities, no later than March 11.

After the completion of all regulatory procedures, the sukuk will be listed and trading on the Saudi Exchange (Tadawul) will commence.

The company noted that this announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the sukuk. The company will announce any other relevant material developments in due course as required by the relevant rules and regulations.