National Shipping Company of Saudi Arabia Set to Issue SAR-denominated Sukuk   

Saudi Arabia’s national shipping carrier Bahri (formerly known as the National Shipping Company of Saudi Arabia (NSCSA)) has announced its intention to issue SAR 3.9 billion (USD 1.04 billion) worth of SAR-denominated Sukuk, according to a bourse filing made on the 10th of May 2022.

Why it Matters?

The issuance comes after a board decision made on the 9th of May 2022 and will be used to refinance the company’s existing Sukuk expected to mature in July this year, subject to the relevant regulatory authorities’ approval.

Details

Created in 1978, Bahri is 22% owned by the Saudi government’s Public Investment Fund (PIF) and 20% owned by Saudi Aramco Development Company (SADC), while its remaining shares are listed on the Saudi Stoc...