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Alinma Bank announced its plan to issue SAR-denominated additional Tier 1 sukuk, with the purpose to strengthen the bank’s capital base, in accordance with the Basel III framework agreement, the lender said in a bourse statement.

 

The bank mandated Alinma Investment Co. and JP Morgan Saudi Arabia Co. as joint lead managers and joint bookrunners for the potential private placement offer.

 

The number and value of sukuk to be offered will be determined based on market conditions, the statement said.

 

The announcement was not intended as an invitation of offer to purchase, acquire or subscribe to any securities and was subject to the terms and conditions of the sukuk.

 

Alinma Bank will announce other relevant developments in due course.

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