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Saudi Binladin Group sells $267 mln short-term sukuk - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – Saudi Binladin Group, one of the largest construction firms in the kingdom, has completed issuing a 1 billion riyal ($267 million) short-term Islamic bond, or sukuk, a statement from the arranging bank’s legal advisor said on Wednesday.

The sukuk, which has a 364-day tenor and was sold through the SBG Sukuk Ltd special purpose vehicle, pays a profit rate of 2.5 percent and is the third such issue from the company, the statement from Clifford Chance said.

HSBC’s Saudi Arabian unit was the sole bookrunner for the transaction, the statement added.

Binladin Group previously sold a 700 million riyal sukuk with a nine-month tenor in July 2010, and a 1 billion riyal one-year sukuk in July 2011.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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