FINANCIAL NEWS

Saudi Electricity to issue $1.87b Islamic bonds

12 Apr 2010

(MENAFN) The Chief Executive of Saudi Electricity Co (SEC) said that the state-controlled firm is planning to raise nearly $1.87 billion from an Islamic bond next month to fund expansion, even without a government guarantee, Reuters reported.

The official affirmed that the issue will take place next month and is projected to be for a minimum amount of $1.33 billion, noting that the Saudi bourse regulator, Capital Market Authority (CMA), had earlier approved the issue.

The sukuk issue will be Saudi Electricity’s third after it raised $1.87 billion last year and a maiden issue for the same amount in 2007.

Regional debt markets are gradually improving after Dubai’s government in March unveiled a $9.5 billion support plan for its conglomerate Dubai World which rattled markets in November with news it would ask for a stand-still on some of its debt.

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