STC begins offering international sukuks worth $5 billion

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STC begins offering international sukuks worth billion

Saudi Telecom Company (STC) announced the start of offering international sukuks denominated in US dollars.

The company said in a statement on its website "Saudi Arabia trading"The sukuk offering is part of its program to issue international sukuks worth 5 billion US dollars, and through a special purpose company established outside the Kingdom of Saudi Arabia for this purpose.

She noted that the value and conditions of the sukuk offering are determined according to market conditions, noting that the start date of the offering is today, while it ends tomorrow, January 9.

She added that the target group for the issuance includes: qualified investors in the countries where the offering will take place, in accordance with the laws and regulations in force in those countries.

/>It stated that the entity responsible for managing the issuance is: BNP Paribas, Citibank, Dubai Islamic Bank, Emirates NBD, HSBC, Islamic Corporation for the Development of the Private Sector, Kuwait Finance House, Mashreq Bank, National Bank of Greece, National Bank of Greece, National Bank of Greece, and Standard Chartered Bank.

The nominal value of the sukuks will be a minimum of 200,000 US dollars, in increments of 1,000 US dollars and its multiples thereafter (or its equivalent in other currencies as on the date of issuance).

The offering price and return of the instrument, and the maturity period, are determined according to market conditions.

It noted the redemption of the instruments in certain cases in accordance with what is described in the prospectus for the instruments.