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Saudi Telecom plans $5 billion international Sukuk program

2019-03-21 14:37:46 GMT (Economies.com)
 

Saudi Telecom Co. (STC) on Thursday said it is planning to establish an international Sukuk program with a total amount of up to $5 billion,  either directly or through an offshore special purpose enterprise to be established for this purpose.

 

The Sukuk issuance will be made in one or more tranches and through one issue or a series of issues by way of a private placement or a public offering, he company added.

 

The Sukuk issuance will be subject to the approval of the relevant regulatory authorities and the extraordinary general assembly approval. The issuance will be made in accordance with applicable laws and regulations.

 

The aim of the Sukuk program is to support the execution of the company’s strategy and future plans. It will also help the company to diversify the sources of funding and benefit from the features of international debt capital market in terms of liquidity, competitive pricing and diversification of investors’ base, STC said.

 

The telecom firm earlier distributed cash dividends for the first nine months of 2018 at SAR 6 bilion, or SAR 3 per share, representing 30% of stock par value.

 
 
 
  Symbol Last Change Chg.%
1.1606
0.0036
0.3139%
1.3751
0.0123
0.9053%
Tadawul
11773.36
25.09
0.21%
23.335
0.700
3.090%
82.022
0.902
1.112%
84.86
0.86
1.02%
1767.855
13.150
0.749%
 
 
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