By IINA,
Riyadh : Saudi Arabia’s petrochemical giant, Saudi Arabian Basic Industries Corporation (SABIC), is set to raise a capital of SR5 billion from the issuance of its third Sukuk (Islamic bond) certificate, the subscription of which started yesterday for a 10-day period.
Marketing and sales of SABIC Sukuk will take place within the Kingdom and select GCC markets to eligible GCC investors, with the final size and pricing determined after the completion of the book building process. The Sukuk certificate will be available for subscription for a minimum of SR10,000 for a five-year period.
The CMA has approved the commencement of marketing of SABIC’s issuance of third Sukuk certificate. SABIC appointed Calyon Saudi Fransi Limited (CSFL) and HSBC Saudi Arabia Limited (HSBC) as joint lead managers and bookrunners of the Sukuk, Saad Al-Saif, senior manager, Investment Banking, HSBC, announced at a joint press conference here yesterday.