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Saudi Electricity Raises SAR4.5bn From Sukuk Sale

Saudi Electricity Raises SAR4.5bn From Sukuk Sale

SEC said at the beginning of January that it had chosen banks to arrange the riyal-denominated transaction.

Saudi Electricity Co said on Sunday it raised SAR4.5 billion ($1.2 billion) from the sale of an Islamic bond.

The sukuk was priced at 70 basis points over the three-month Saudi interbank offered rate (Saibor), the Gulf’s largest utility firm said in a statement.

SEC said at the beginning of January that it had chosen banks to arrange the riyal-denominated transaction. It had been planning to meet investors until February 27 but completed the deal earlier. It did not give a reason why in Sunday’s statement.

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