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Sabic gains on Sukuk asset purchase plans

The Tadawul market in Riyadh added 0.54% on Monday and closed at 6,584.58 points. Shares of Saudi Basic Industries Corporation (Sabic) finished half a percent higher at SR103.25. Earlier in the day, Sabic announced its intention to purchase the assets of its first Sukuk amounting to SR3bn which was issued in July 2006, "in accordance with the terms and conditions of the Sukuk," Sabic said in a statement to the Saudi Stock Exchange. The Capital Market Authority (CMA) announced on Sunday, June 12, 2011 its approval for Saudi International Petrochemical Company (Sipchem) to issue its debut Mudaraba Sukuk. "The Mudaraba Sukuk will be in registered form in denominations of SR100,000, subject to a minimum initial subscription amount of SR1m. Sipchem shares ended 0.93% lower at SR21.35.