Saudi Electricity Company Announces the Full Redemption of Its SAR 5.7 Billion Domestic Sukuk

Saudi Electricity Company (SEC) has announced that it intends to fully redeem its SAR 5.7 billion (USD 1.52 billion) local Sukuk, due on the 10th of May 2022.

Why it Matters?

The Sukuk, issued on the 10th of May 2010 and listed on the Saudi Stock Exchange (Tadawul), saw a total number of 573,069 redeemed notes and had a SAR 10,000 (USD 2666) nominal value upon redemption.

Details

Trading of the Sukuk will be suspended by Tadawul starting from the 26th of April 2022 for its delisting process from the market to begin, as per the company’s desire for the recovery of All Sukuk. The Saudi government holds an 81.24% ownership rate of SEC, which comprises 74.31% of direct ownership and 6.93% of ownership through Sau...