| Element List | Explanation |
|---|---|
| Introduction | Saudi Telecom Company (the company) announces to its shareholders its intention to establish an international Sukuk Program in a total amount not exceeding US dollar 5 billion and issue Sukuk thereunder either directly or through an offshore special purpose vehicle to be established for this purpose. The Sukuk issuance will be made in one or more tranches and through one issue or a series of issues by way of a private placement or a public offering. The Board of Directors of the Company has approved, on 13/07/1440 H corresponding to 20/3/2019 G, to raise its recommendation to the extraordinary general assembly (which will be scheduled at a later date) to approve the establishment of the program and issue Sukuk thereunder, pursuant to the Company’s bylaws. |
| Issuing type | International Sukuk in USD. |
| Board Resolution Date | 2019-03-20 Corresponding to 1440-07-13 |
| Issuing Amount | The total value of the program will not exceed US dollar 5 billion. The value of any issuance under the program will be determined based on the market conditions. |
| Purpose of Issuing | General corporate purposes. |
| Approvals | Sukuk issuance will be subject to the approval of the relevant regulatory authorities and the extraordinary general assembly approval. The issuance will be made in accordance with applicable laws and regulations. |
| Additional Information | The aim of the Sukuk program is to support the execution of the company’s strategy and future plans. Further, it will help the company to diversify the sources of funding and benefit from the features of international debt capital market in terms of liquidity, competitive pricing and diversification of investors base. In addition, having an international presence in debt capital market thru this program will enhance STC’s financial standing. |
This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities. the Company will announce any other relevant material development to its shareholders in due course.
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.