SABB plans early redemption of SAR 1.5 bln sukuk

23/04/2020 Argaam

 

Saudi British Bank (SABB) is planning to fully redeem its SAR 1.5 billion, Tier 2 sukuk on May 31, 2020 at face value, the lender said in a statement to Tadawul on Thursday.

 

The ten-year sukuk, originally maturing on May 28, 2025, was classified as Tier 2 subordinated debt in accordance with the Basel III framework.

 

The required regulatory approval has been obtained for the early redemption.

 

The redemption amount along with the periodic distribution amount (profit for the current period ending May 2020) will be transferred to sukuk holders on that date based on their respective holdings as of April 20, 2020, the statement added.

 

The sukuk will be suspended from trading from the date the sukuk holders are notified by their agent.

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