Aqaseem plans Sukuk issuance worth SAR 500M

Aqaseem Factory for Chemicals and Plastics Co.’s board announced, on April 28, its intention to set up a SAR Sukuk program.

The company will issue local SAR-denominated, Shariah-compliant Sukuks at a value of SAR 500 million.

The funding will be used to serve for the company’s general commercial purposes and meet its financial and strategic objectives, according to a statement to Tadawul.

The offering is subject to approvals of the relevant official authorities and will be made in accordance with the relevant laws and regulations.

The board appointed Al Khair Capital as the financial advisor for the process.

Any other material developments will be announced in a timely manner, the company noted.

The Sukuk offering will be limited to qualified investors in the countries where the offering will take place in accordance with the rules and regulations of those countries, the statement added.