Al Rajhi Bank completes $3bn Tier 1 SR-denominated Sukuk subscription

Al Rajhi Banking and Investment Corp. has completed the offering and subscription of Tier 1 Sukuk. (Supplied)
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Updated 14 November 2022
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Al Rajhi Bank completes $3bn Tier 1 SR-denominated Sukuk subscription

RIYADH: Al Rajhi Banking and Investment Corp., the Kingdom’s largest valued bank, has completed the offering and subscription of Tier 1 Sukuk denominated in Saudi Riyals, valued at SR10 billion ($3 billion).

The rate of return is reset on Nov. 16, and is reset every five years following the first reset date, according to a bourse filing.

The sukuk allocation is expected to be completed by Nov. 13, and the settlement is scheduled for Nov. 16.

Surplus refunds will be provided to eligible investors on Nov. 16, after which the Sukuk will be listed and traded on the Saudi stock exchange, Tadawul


Closing Bell: Saudi main index climbs to 10,485 

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Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.