RIYADH: The Saudi Investment Bank, known as SAIB, has completed a private placement of Tier 1 Sukuk worth SR2 billion ($533 million) in a bid to meet the lender’s financial needs.
Denominated in Saudi Riyals, the Shariah-compliant bond is perpetual and has a rate of return of 6 percent to be paid semi-annually from the issue date, according to a bourse filing.
Alistithmar Capital acted as the lead manager and bookrunner of the offering, which aims to fulfill the bank’s financial and strategic needs and support its capital base.