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FINANCIAL NEWS
Sipchem to offer over USD400m sukuk
19 Jun 2011
(MENAFN) Saudi International Petrochemical Company (Sipchem) plans to launch a mudaraba sukuk to raise USD400 million to USD533 million, Arab News reported.
The Capital Market Authority and the Sharia supervisory Committee of Riyad Capital approved the sukuk on June 12th, Sipchem CEO Ahmad A. Al-Ohali said. Riyad Capital and Deutsche Securities are to jointly manage the sukuk’s offering, issuance and receipt of subscriptions.
The mudaraba sukuk is offered to institutions, mutual funds, insurance companies, pension funds owned by Saudi citizens and permanent residents as well as individual Saudi citizens and residents.
The sukuk will be issued in quantities of USD27,000, and the minimum initial subscription is USD267,000. The final amount of the sukuk will be decided after the subscription period ends on June 28th. The returns will be paid at the Saudi Interbank Offered Rate for three months plus a marginal annual percentage paid quarterly.
Sipchem hopes that the sukuk will help the company and its shareholders to diversify their investments and generate more stable returns, the CEO said. The company also hopes that the sukuk will benefit Islamic financing, the Saudi Stock Exchange and national economy.
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