DUBAI — The Saudi Basic Industries Corporation (Sabic), after having obtained Saudi Capital Market Authority approval, yesterday began issuing its second Shariah Compliant Sukuk.
The Sukuk issuance will be available to investors in the GCC. The Sukuk will be issued in denominations of SAR 10,000 and will be subject to a minimum holding of SAR 50,000.
Sabic has mandated HSBC Saudi Arabia Limited and Riyad Bank as Lead Managers and Book runners for the Sukuk issuance, which features a Sukuk structure approved by SABB Amanah's Shariah Supervisory Committee. Road shows started in Dubai yesterday and will be followed by road shows in Bahrain on July 12, Riyadh on July 14 and Jeddah on July 15, 2007. The Sukuk offering is expected to be subscribed principally by institutional investors, consisting of banks and financial institutions, fund asset managers, pension and insurance companies and other investors.