Page 93 - SGH REPORT - FEBRUARY 2024
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2/28/24, 10:23 AM Closing Bell: TASI drops to 12,532, records $2.4bn trade volume
Maha rah Human Resources Co. and Wataniya Insurance Co. also recorded
notable gains, with the ir sha res closing at SR7.21 and SR22.56, marking an
increase of 6. 19 percent and 5.82 percent, respectively. The Co. for Cooperative
Insurance and Saudi Paper Manufacturing Co. also fared well.
On the announcement front, Saudi German Health successfully concluded the
oering of its Saudi Riyal-denominated sukuk, reaching a total value of SR1
billion.
The oering comprised 1 million sukuk, each with a nominal value of SR1,000,
and a xed annual yield of 7.20 percent, paid out quarterly over a maturity
period of ve years.
The company ha s specied tha t under certain conditions detailed in the base
prospectus and the nal terms, the sukuk may be redeemed before their
maturity date.
Investors can review the se nal terms, which will be available on Al Rajhi
Capital’s website starting Mar. 6, 2024, the entity overseeing the subscription
management for thi s issuance.
The allocation of sukuk to investors will be nalized by the end of Feb. 29, with
the settlement process concluding on Mar. 6, 2024.
Furthe rmore, Saudi German Health plans to list the sukuk on Saudi Stock
Excha nge once all regulatory procedures necessary for the listing are
completed, with an announcement to be made at the appropriate time.
Moreover, Alinma Bank is set to bolster its Tier 1 capital through a strategic
move to issue additional sukuk denominated in US dollars.
Thi s initiative, aimed at enha ncing the bank’s capital base and supporting its
general banking operations, follows a board resolution authorizing the CEO to
manage the issuance process.
The planned issuance will be executed by a special-purpose vehicle, targeting
qualied investors both withi n Saudi Arabia and internationally.
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