Advanced Petrochemical Company is pleased to announce the successful completion of its first Shariah compliant Sukuk amounting to SAR 1 billion on November 17, 2014. The total order book reached SAR 2.43 billion i.e. 2.4 times the issuance size. The current issue was made on a floating rate basis with a term of 5 years to be distributed semiannually.
This issue was a private offering to sophisticated investors resident in the Kingdom of Saudi Arabia and among the investors participating were Government Institutions, insurance companies, investment and money market funds, companies and financial institutions, reflecting the financial solvency of the Company and investor confidence.
Advanced Chairman, Mr. Khalifa Al-Mulhem, commented that the successful completion of its first Sukuk issue will provide funding for general corporate purposes to achieve its strategic plans.
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.