Saudi Arabia: Middle East Healthcare to issue SAR-denominated sukuk

Image: Saudi German Hospitals

Middle East Healthcare Company has announced its intention to issue a SAR-denominated sukuk by way of a public offering.

The riyal-denominated Islamic bonds will be issued under the company’s SAR1.5bn riyals ($400m) debt programme, which the kingdom’s Capital Market Authority signed off on in December last year.

The company, which is listed on Riyadh’s Tadawul exchange and manages Saudi German Hospitals, said in a statement on Tuesday that the issuance amount will be determined later based on market conditions.

The company said in its prospectus that the sukuk would be issued in a specified denomination of SAR1,000.

Proceeds from the offering will be used for general corporate purposes.

Saudi-based Al Rajhi Capital has been appointed as the agent, financial advisor, sole arranger, and dealer.