Arabian Centres Issues USD 650 Million Sukuk to Enhance Liquidity and Support Financing Repayments

In a Bourse filing on the 31st of March 2021, Saudi Arabia-based Arabian Centres Company (ACC) announced the completion of its USD-denominated Sukuk issuance worth USD 650 million. The issuance involves 3,250 Sukuk in number, each at a par value of USD 200,000. The Sukuk has a tenure of five years, and carries a profit rate of 5.625%.

Why it Matters?

ACC will use the funds raised to support and strengthen its financial position via the settling of a large portion of existing loans, as well as to release several of its assets in line with its strategy to free-up all of its mortgaged assets at lending banks. In addition, the funds will provide further liquidity to finance and support ACC’s short- and medium-term expansion plans involving eight pr...