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Al Rajhi Bank announces its intention to issue U.S. Dollar denominated additional tier 1 capital sustainable sukuk under its international additional tier 1 capital Sukuk programme
| Element List | Explanation |
|---|---|
| Introduction | Al Rajhi Bank (the “Bank”) announces its intention to issue U.S. Dollar denominated additional tier 1 capital sustainable sukuk (the “Sukuk”) under its international additional tier 1 capital Sukuk programme established by it on 18 April 2024, based on its Board of Directors resolution dated 15/09/1445H (corresponding to 25/03/2024G). The issuance is expected to be through a special purpose vehicle and by way of an offer to eligible investors in the Kingdom of Saudi Arabia and internationally (the “Proposed Offer”). The Bank has mandated Al Rajhi Capital Company, Citigroup Global Markets Limited, Dubai Islamic Bank PJSC, Emirates NBD Bank P.J.S.C., Goldman Sachs International, HSBC Bank plc and Standard Chartered Bank as Joint Lead Managers & Bookrunners in relation to the Proposed Offer. |
| Offer Type | U.S. dollar denominated additional tier 1 capital sustainable sukuk. |
| Date of the board’s decision | 2024-03-25 Corresponding to 1445-09-15 |
| Value of the offer | The amount and terms of offer of the Sukuk will be determined subject to the market conditions. |
| The Purpose of the offer | Improvement of Tier 1 capital and general banking purposes and to fulfill the Bank’s financial and strategic objectives in accordance with the Bank’s Sustainable Finance Framework. |
| Approvals | The offer of the Sukuk will be subject to the approval of the relevant regulatory authorities, and will be made in compliance with applicable laws and regulations. |
| Additional Information | This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the Sukuk. The Bank will announce any other relevant material developments in due course as required by the relevant rules and regulations. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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