Gas & Industrialisation Board Approves Purchase of SAR 37.5 Million Capital Bonds

National Gas & Industrialisation Co. announced on Monday that its Board of Directors approved purchasing additional sustainable first-tranche capital sukuk, in line with its investment policy. The $10 million sukuk, equivalent to SAR 37.5 million, was issued by The Saudi Investment Bank, a related party. It offers a 6.375% annual return, is non-traded, and has a term of 5.5 years with semi-annual profit distributions. The Company stated that the financial impact of its $10 million sukuk investment in The Saudi Investment Bank is expected to begin in the second quarter of 2025.

In a statement, the Company noted that board member Ahmed Al-Mohsen holds an indirect interest in the transaction due to his role as Head of the Financial Group at the bank. The investment complies with the company’s policy, with no preferential benefits granted.