IslamicFinance.de

Saudi Arabia-based Saviola Group is about to launch a new Sukuk program, according to a filing on the Saudi exchange from December 15. The Sukuk will be issued in a series of tranches and its value will not exceed the Company's paid-up capital.

At a recent extraordinary general meeting (EGM) the Savola Group gave its approval for the issuance of a sukuk. The bond's total total value shall not be higher than the company’s paid-up capital. THe EGM furthermore voted the delegation of the issuance of such tradable debt instruments to the Board the authority without reverting to the General Assembly.