RIYADH: Saudi National Bank has announced the commencement of its additional sukuk offering on Aug. 28, in a bid to strengthen the bank’s capital base.
Denominated in Saudi riyals, the size and offer price of the issuance are still to be determined and subject to market conditions, SNB said in a stock exchange filing.
The expected end date of the offering is Dec. 31, 2022. Investors shall subscribe to a minimum of SR1 million ($266,000), with a return rate yet to be determined.
SNB Capital will act as the sole book-runner, lead arranger, and lead manager of the offer.