Saudi’s Bahri Completes Issuance of SAR-denominated Sukuk Worth SAR 3.9 Billion

Bahri, previously known as the National Shipping Company of Saudi Arabia (NSCSA), has successfully issued seven-year tenured SAR 3.9 billion (USD 1.04 billion) Saudi Riyals denominated Sukuk.

Why it Matters?

The offering began in mid-June 2022 and was settled on the 5th of July 2022. Leading the issuance were Al Rajhi Capital, HSBC Saudi Arabia, and SNB Capital. Proceeds from the Sukuk will be used by Bahri to refinance the existing Sukuk which will mature in July 2022.

Details

Bahri, which was established in 1978 by royal decree, runs a fleet of 93 tankers and container ships, transporting oil, petrochemicals, and other types of cargo across 150 ports globally. Saudi Arabia's Public Investment Fund (PIF) and Saudi...