SAIB announces increase in size of its Sukuk Issuance Programme to SR 5 billion

The Saudi Investment Bank announced on Tuesday that it has increased the size of its Tier 1 from SAR 2,000,000,000 to SAR 5,000,000,000 pursuant to the Programme documentation.
The Bank said it would like to confirm its intention to issue SAR denominated Tier 1 sukuk (the “Sukuk”) under the Programme by way of private placement in the Kingdom of Saudi Arabia 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 Bank said on “Tadawul” today that the exact value and terms of the issuance will be determined at a later stage, subject to the market conditions.
It explained that the offer would be subject to the approval of the relevant regulatory authorities and the offer will be made in compliance with applicable laws and regulations.
This reference is made to the announcement from The Saudi Investment Bank (the “Bank”) published on the website of the Saudi Stock Exchange (Tadawul) on 17/03/2022, in respect of the establishment of its SAR 2,000,000,000 Tier 1 Capital Sukuk Issuance Programme (the “Programme”).