Bank AlJazira plans to issue SAR-denominated Additional Tier 1 Sukuk

Bank AlJazira plans to issue a SAR- denominated additional Tier 1 Sukuk through a private placement in Saudi Arabia, aligning with its SAR 5 billion additional Tier 1 Sukuk issuance program, according to a statement to Tadawul.

The bank mandated AlJazira Capital, Al Rajhi Capital, HSBC Saudi Arabia as sole lead manager for the issue.

The value and terms of the sukuk issue will be determined at a later stage based on market conditions at that time. The sukuk issue will be directed to boost the bank’s capital base while enabling it to achieve long-term strategic objectives.

The proposed offer will be subject to the approval of the relevant regulatory authorities and will be in compliance with applicable laws and regulations.

The statement further highlighted that the announcement does not constitute an invitation or offer to purchase, acquire, or subscribe to any securities. The bank will disclose any other material developments related to this matter in due course, in accordance with the relevant regulations and laws.