Tuesday 09, October 2018 by Kudakwashe

Saudi’s Riyad Bank to redeem SAR 4 billion Sukuk

 

Riyad Bank has already obtained regulatory approval.

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.

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