Jabal Omar issues domestic sukuk worth SAR 2 bln

Jabal Omar Development Co. has launched new riyal-denominated sukuk of up to SAR 2 billion, the company said in a bourse statement.

 The sukuk will be issued to qualified investors during the period from March 4, 2019 until April 3, 2019.

The issuance ending date is a targeted date and the actual date will be announced upon completing the offer.

The developer has picked GIB Capital, HSBC Saudi Arabia and JP Morgan Saudi Arabia to manage the Islamic bond sale.

The minimum subscription value is SAR 1 million, the issuance price is SAR 1 million, and the nominal value is SAR 1 million, the statement added.

The sukuk will have a tenor of five years after which it could be recalled.

The company’s board member, Mansour Al Bosaily is a related party as he is also a board member at HSBC Saudi Arabia.

Last December, Jabal Omar’s board of directors approved the issuance of a new riyal-denominated sukuk in a private placement, Argaam reported.