Saudi Sipchem to recall sukuk before maturity: bourse filing

12/05/2016 09:04 AST

Saudi International Petrochemical Company (Sipchem) plans to recall a sukuk maturing on July 6 three weeks early, it said in a bourse statement on Thursday.

The firm will send a notice to sukuk holders informing them of its intentions and will use available cash to pay it off. It originally issued 1.8 billion riyals of sukuk in 2011. The company will redeem the sukuk on June 15.

Sipchem also plans to issue a new sukuk, the company said on March 28, and appointed Riyad Capital and NCB Capital as lead managers for the issue.


The Peninsula

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