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Saudi bourse falls, Sabic opts for sukuk-asset purchase
- Saudi Arabia: Saturday, April 13 - 2013 at 17:24
The Tadawul All-Share Index ended off 0.2% at 7,223.02 points Saturday, dragged down by negative input form the U. S. On Friday, U. S. stock markets lost some terrain on slightly lower consumer confidence, producer prices. In Riyadh, shares of Saudi Basic Industries Corp. (Sabic), the world's first producer of petrochemicals, slipped 0.76% to SR97.50. Earlier in the day, Sabic said it intends to purchase the assets of its third, SR5bn Islamic bond (sukuk), which was issued in May 2008, "in accordance with the terms and conditions of the sukuk". Trading of the Sukuk will cease on Sunday, April 15. "The amounts due to the sukuk holders will be deposited to the sukuk holders accounts on 15th May 2013 from the company's available cash," said Sabic. Subsequently the Sukuk will be delisted and cancelled.
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Gérard Al-Fil, Financial JournalistSaturday, April 13 - 2013 at 17:24 UAE local time (GMT+4)
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