News Details

Riyad Bank announces intention to issue Tier 2 Sukuk.

25/02/2021 03:41 PM

Tadawul
ELEMENT LIST EXPLANATION
Introduction Riyad Bank (the “Bank”) announces its intention to establish a domestic SAR-denominated Sukuk issuance programme of up to SAR 10 billion (the “Sukuk Programme”) for the purpose of issuing and offering senior and/or subordinated Sukuk including the issuance of Tier 2 capital-eligible Sukuk (the “Tier 2”) in one or more tranches or through one issuance or a series of issuances and its intention to issue Tier 2 Sukuk under the Sukuk Programme by way of private placement in the Kingdom of Saudi Arabia (the “Potential Offer”).
The Bank has mandated Riyad Capital as the Sole Arranger and Dealer for the proposed establishment of the Sukuk Programme and the Potential Offer.

Offer Type Tier 2 Sukuk.
Date of the board’s decision 2020-12-06 Corresponding to 1442-04-21
Value of the offer The number and value of the issuance of Tier 2 Sukuk to be offered pursuant to the Sukuk Programme will be determined based on the market conditions.
The Purpose of the offer The purpose of the Potential Offer is to strengthen the capital base of the Bank, thus supporting the Bank’s financial and strategic needs.
Approvals The Potential Offer will be subject to the approval of the competent regulatory authorities, and will be made in compliance with applicable laws and regulations.
Additional Information This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities. The Bank will announce any other relevant material developments in due course as required by the relevant rules and regulations.
The Capital Market Authority and the Saudi Stock 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.

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