Savola announces its intention to purchase additional Sukuk worth SAR 81 million

Savola Group announced its intention to purchase additional Sukuk worth SAR 81 million of the same Sukuk issued on July 9, 2019 and due on July 9, 2026 (repurchase).

According to the company’s statement on “Tadawul”, the percentage of redeemed Sukuk will become 94% of the original Sukuk issued once the repurchase is completed, as the group intends to cancel the purchased Sukuk, in accordance with the terms and conditions of the Sukuk.

The nominal value of the Sukuk upon redemption will be SAR 1,000,000 per Sukuk, while the total issuance value after redemption will be SAR 60 million.

This came in reference to the Group’s announcement on the Tadawul website on 12/8/2024 regarding its intention to partially purchase the Sukuk issued on 7/9/2019, where the value of the redeemed Sukuk amounted to 859,000,000 Saudi Riyals out of 1,000,000,000 Saudi Riyals, representing 85.9% of the total Sukuk, which were cancelled according to the date announced in the aforementioned announcement, and in continuation of the Group’s efforts aimed at improving the capital structure and reducing financial obligations and financing costs,