SABB Intends to Fully Redeem its SAR 1.5 Billion Sukuk before Maturity

Saudi British Bank (SABB) has informed Tadawul that it is preparing to fully redeem its SAR 1.5 billion Tier 2 Sukuk at face value on the 31st of May 2020, before its maturity date.

SABB has obtained the required approval for the early redemption of its ten-year Sukuk, which was due to mature on the 28th of May 2025. The statement added that the redemption amount along with the profit for the current period ending May 2020 will be distributed to Sukukholders on the above date based on their respective holdings as of the 20th of April 2020.

According to Islamic Markets Sukuk Monitor, SABB issued a ten-year Sukuk in May 2015 with an option to repay the Sukuk after five years, subject t...