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Tuesday, 24 November 2009 09:12 UAE time

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Saudi Electricity set to sell more sukuk

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 04 July 2009
ISLAMIC BONDS: Saudi Electricity CEO indicates state-owned enterprise will sell more sukuk to fund expansion. (Getty Images)
ISLAMIC BONDS: Saudi Electricity CEO indicates state-owned enterprise will sell more sukuk to fund expansion. (Getty Images)

State-owned Saudi Electricity will sell more Islamic bonds, or sukuk, to finance expansion of capacity, its chief executive said on Saturday.

"In the future there is a plan (to issue more sukuk) to fund projects," Ali Saleh al-Barrak told reporters in the Saudi Red sea port of Jeddah. He gave no details.

Last week, the firm priced a 5 billion riyals sukuk at 160 basis points over the Saudi interbank rate (Saibor).

Barrak said then the new five-year issue had raised at least 10 billion riyals, but declined to say how much the company ended up taking. Bankers said it would be 7 billion riyals.

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Saudi Electricity is currently carrying out projects worth 75 billion riyals to be completed within three years. (Reuters)

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