“Savola” intends to purchase additional sukuks worth 81 million riyals and cancel them

Savola Group Company intends to purchase additional sukuks worth 81 million riyals from the sukuks issued on July 9, 20219, and maturing on July 9, 2026.
According to the company’s statement on the Saudi Tadawul website, the percentage of redeemed sukuk will become 94% of the original sukuk issued once the repurchase is completed.
The Group intends to cancel the purchased Sukuks in accordance with the terms and conditions of the terms and conditions.
The company announced on the Tadawul website on December 8, its intention to partially purchase sukuks issued on July 9, 2019.
The value of the redeemed sukuk amounted to 859 million riyals, out of 1 billion riyals, which represents 85.9% of the total sukuk that were canceled according to the date announced in the aforementioned announcement.
According to the company, this comes as a continuation of the group’s efforts aimed at improving the capital structure and reducing financial obligations and financing costs.
She explained that the recovery rate of the total issuance is 8.1%.
It reported that the total number of bonds/sukuks recovered was 81.
It stated that the nominal value of the instrument upon redemption is one million riyals per instrument.
It noted that the total value of the issue after redemption is 60 million riyals.
She added that the date of depositing the amounts into the accounts of (sukuks/bonds) holders was 06-23-1446, corresponding to 12-24-2024.