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FinancialNews
09-02-23
SNB Capital confirms finalization of USD267M AT-1 sukuk
(MENAFN) SNB Capital on Wednesday confirmed the finalization of a private placement Additional Tier 1 perpetual sukuk valued at SR1 billion (USD267 million).
In line with an official announcement, the deal was obtained with higher request from a diverse financer base having an offer cover ratio of 2.1 times. Financers involved economic institutions, public industry, qualified individual financers, corporates, family offices, asset managers as well as insurance firms.
While giving his remarks on the improvement, Ammar Alkhudairy, the head of SNBC, stated that “This issuance by SNBC is a pioneering endeavor that compliments and supports SNB’s group vision of being the premier financial services group in the region that provides seamless banking and capital markets support to the Kingdom’s ambitious growth plans”
Rashid Sharif, chief executive of SNBC, asserted that “The issuance further strengthens our capital base to continue our journey supporting the development of the Saudi Capital Market guided by Vision 2030 strategic goals and objectives.”
MENAFN09022023000045014228ID1105548202
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