Bahri announces commencement of offer of Sukuk denominated in Saudi Riyals

The National Shipping Company of Saudi Arabia (Bahri) announced on Thursday the commencement of the issuance of the Sukuk denominated in Saudi Riyals by a value of SR3, 9 billion with offering end date will be on 2022-07-21.

The company said that the amount and terms of offer of the Sukuk will be determined subject to the market conditions.

The company said that the targeted class of the issuance is institutional and qualified clients as defined in the glossary of defined terms used in the regulations and rules of the Capital Market Authority pursuant to Article 8 (a) (1) of the Rules on the Offer of Securities and Continuing Obligations.

The Company has appointed Al Rajhi Capital Company, HSBC Saudi Arabia and SNB Capital Company as Joint Lead Managers and Bookrunners.

The minimum subscription is SR 1,000,000. The par value is SR 1,000,000 and return (Sukuk /Bonds) is subject to market conditions.

The Sukuk may be redeemed prior to the scheduled maturity date in certain cases as detailed in the offering circular in relation to the Sukuk, the company added.

This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the Sukuk. The Company will announce any other relevant material developments to its shareholders in due course.