IslamicFinance.de

Saudi International Petrochemical Company (Sipchem) plans to recall a sukuk maturing on July 6 three weeks early. The firm will send a notice to sukuk holders informing them of its intentions and will use available cash to pay it off. It originally issued 1.8 billion riyals of sukuk in 2011. Sipchem also plans to issue a new sukuk and appointed Riyad Capital and NCB Capital as lead managers for the issue.

Saudi International Petrochemical Company (Sipchem) declared the successful closing of its first publicly listed sukuk of SR1.8 billion which was upsized from the initial base case of SR1.5 billion due to the strong demand shown by interested investors.
A large number of investors showed interest in the Sipchem sukuk with total orders received in the range of SR4.5 billion. Investors interested in the program included government institutions, insurance companies, investment and money market funds, financial institutions and individuals.

Sabic intends to purchase the assets of its first Sukuk amounting to SR3bn which was launched in July 2006. The Capital Market Authority (CMA) announced on June 12, 2011 its approval for Saudi International Petrochemical Company (Sipchem) to issue its debut Mudaraba Sukuk.