SAIB Issues Tier I Sukuk, with Amount Not Exceeding SR2 bln

The Saudi Investment Bank (SAIB) (the “Bank”) announced on Thursday its intention to establish a Tier I Sukuk Programme denominated in Saudi Arabian Riyal with a total amount not exceeding two billion Saudi Riyals (SR2,000,000,000).

It also announced its intention to issue Tier I Sukuk (the “Sukuk”) under the Sukuk Programme by way of private placement in the Kingdom of Saudi Arabia.

It added that the purpose of the offer is           to enhance the Tier 1 capital and fulfill the Bank’s financial and strategic needs.

The Bank has mandated Alistithmar for Financial Securities and Brokerage Company (“alistithmar capital”) as the lead manager and bookrunner for the potential offer.

The total value of the Tier 1 Sukuk Programme will not exceed two billion Saudi Riyals (SR2,000,000,000). The exact value and terms of the issuance will be determined at a later stage subject to the market conditions.

It concluded that this announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities. The Bank will announce any other relevant material developments to its shareholders in due course as required by the relevant rules and regulations.