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Savola Group — Capital/Financing Update 2013
Jan 23, 2013
53290_rns_2013-01-23_f5c944da-8a62-41e4-ac05-5c3f66176693.html
Capital/Financing Update
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The Savola Group Announces the Latest Development on Sukuk Issuance Program
2050 · 23/01/2013 09:12:41 · Announcement #28625 · View on Saudi Exchange
The Savola Group Announces the Latest Development on Sukuk Issuance Program
Following the Savola Group announcement published on the Saudi Stock Exchange Tadawul on 15 January 2013 in relation to the latest developments on the Sukuk Program and the other previous announcements made on Tadawul on the same matter, the Savola Group would like to announce that, on Tuesday 22 January 2013, it has successfully completed the offering and issuance of the first tranche of the Sukuk with a total value of SAR 1.5 Billion. This issuance is part of the SAR 5 Billion Sukuk program which was approved by the General Shareholders Assembly and the Board of Directors late last year. The Sukuk have a tenor of 7 years, and have been offered at nominal value with an expected variable return to the Sukukholders of 6 months SIBOR + 110bps.
In this regard, Dr. Abdulraouf Mannaa, the Group Managing Director, indicated that the company has offered the Sukuk by way of a private placement to a number of sophisticated investors including government entities, banks, insurance companies and mutual funds. He added that the total subscription orders for the Sukuk amounted to approximately SAR 4 Billion i.e. exceeded 260% of the issuance size.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.