Riyadh: National Shipping Company of Saudi Arabia (Bahri) plans to make a debut sukuk issue worth up to 3.9 billion riyals (Dh3.8 billion, $1.04 billion) this quarter, the company’s vice chief executive officer for finance Mohammad Al Otaibi said on Wednesday.
“Hopefully in this quarter,” he said when asked about the timing of the issue.
“This is our first time in the sukuk market and I think it’s good for the company to tap into the sukuk market for diversification purposes. Hopefully we will continue to be active in both sukuk and also working with our banks.” Bahri had previously said it planned to make the issue by the end of March this year and that the tenor would be 10 years.
