Font Size

- Aa +

Sat 4 Jul 2009 11:52 PM

Font Size

- Aa +

Saudi Electricity set to sell more sukuk

CEO of state-owned enterprise indicates market may be tapped again after last week's pricing of $5bn issue.

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.

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

For all the latest Saudi Arabia news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.