Saudi Electricity redeems $1.5B sukuk due on April 8

Saudi Electricity Co. (SEC) fully redeemed its $1.5 billion international sukuk due on April 8, 2024, listed on Irish Stock Exchange (Euronext Dublin), issued on April 8, 2014.

In a statement to Tadawul, the company said 7,500 sukuk were redeemed at a par value of $200,000.

Trading ends on April 8, and the amounts will be deposited into sukukholders’ accounts, the statement added.

The financial impact of the redemption will be realized on financial statements for Q2 2024, the company indicated.