Binladin plans local currency sukuk sale



REUTERS

Published — Tuesday 4 June 2013

Last update 4 June 2013 3:16 am

| نسخة PDF Print News | A A

JEDDAH: Saudi Binladin Group, one of the largest construction firms in the Kingdom, is meeting investors over a potential local currency sukuk sale, two banking sources aware of the deal said.
BNP Paribas and the investment banking arm of Gulf International Bank are arranging the investor meetings, which began on Saturday and are likely to last for around two weeks, the sources said, speaking on condition of anonymity as the information is not public.
A spokesman for Binladin Group was not immediately available for comment.
No size or pricing of the privately placed issue has been decided yet, although it will have a 364-day lifespan. The proceeds will be used to fund projects, one of the sources said.
Given the amount of liquidity local investors have to deploy, a sukuk offering from a leading construction firm in the kingdom is likely to attract high demand — previous issues from the company have been oversubscribed.
The sukuk sale is the latest from the firm and the fourth which has a 364-day tenor — the last one, an SR 1 billion ($ 266.7 million) offering was completed in August, with previous deals in July 2010 and July 2011.
Binladin Group has already completed one local currency sukuk in 2013.
It priced a 1.3 billion riyals Islamic bond with a 2.5-year lifespan, arranged by the investment banking arm of Banque Saudi Fransi, in April.

What's happening around Saudi Arabia

JEDDAH: Employees of the Education Office in Al-Daer governorate, Jazan, where seven people were gunned down on Thursday are in a state of shock and perplexed as to what prompted the attacker — a teacher — to take such an extreme step.The teacher, id...
JEDDAH: The campaign to support Syrian refugees with all their needs is being carried out effectively, as per the directives of Custodian of the Two Holy Mosques King Salman, Crown Prince Mohammed bin Naif and Deputy Crown Prince Mohammed bin Salman....
RIYADH: The Ministry of Municipalities and Rural Affairs has ordered the allocation of separate sections for female members of municipal councils.This was announced by Jedaie Al-Qahtani of the ministry. “This is in implementation of Clause 107 of the...
DAMMAM: The 9th Saudi Student Conference which is being held on Feb. 13-14 is sponsored by Umm Al-Qura University and hosted by the University of Birmingham in the United Kingdom. It was organized by the Scientific Society for Saudi Students in the...
RIYADH: Over the past 10 years, begging in the Kingdom has increased substantially, with the number of organized gangs of expatriate beggars increasing to 85 percent of the total number of beggars, according to Social Affairs Ministry Majed Al-Qassab...
RIYADH: The Ministry of Health said it expects its blood donation drive will received 450,000 milliliters (ml) of blood when the Janadriyah festival ends on Feb. 19.Khalid Ibrahim Zobaie, who supervises the blood donation project, said the drive is i...
JEDDAH: The Shoura Council’s decision to reduce working hours in the private sector from 48 hours to 40 hours per week would result in additional operational costs in the sector due to 30 percent higher wages for expat workers, according to Mansour b...
MADINAH: Madinah Gov. Prince Faisal bin Salman recently visited a number of ongoing developmental project sites in the Holy City, as part of his efforts to ensure that they meet the set standards and deadlines.During the visit, he said that all the s...
RIYADH: The National Guard Ministry is studying the possibility of having two countries as guests of honor each year instead of one at the Janadriyah festival for culture and heritage, the Kingdom’s most prestigious annual festival.This was revealed...
DAMMAM: The Pakistan International School in Alkhobar hosted their 49th annual prize distribution ceremony to honor outstanding students in the presence of Pakistani Ambassador Manzoor Ul Haq and his wife, Nighat Manzoor.Haq appreciated the efforts o...
DAMMAM: The Weaam Association for Family Care in the Eastern Province has succeeded in addressing more than 700 cases of family disputes during the last one year.Abdulrahman Al-Khudair, Weaam’s director of public delations, said: “The association off...
JEDDAH: The Nakheel mall case has continued to grab the limelight, with a number of lawyers now offering their services to the girl who was roughed up by some Haia members in Riyadh. Some people also expressed, through social media, their support to...
RIYADH: Grand Mufti Sheikh Abdulaziz Al-Asheikh inaugurated this week a campaign tosafeguard Saudi society against bad influences.“The campaign seeks to immunize society in the Kingdom from deviant ideas as well as utter lies and heresies that could...
RIYADH: A Filipino nurse who works at a clinic in Riyadh has been missing for a week, her colleagues has said.According to a co-worker at the clinic, the 43-year-old nurse from from Lamitan town in Basilan province, southern Philippines, wa...
JEDDAH: The Ministry of Haj will put in place new measures for issuing Umrah visas for pilgrims from outside the country with the coordination of the Saudi embassies abroad, a local newspaper reported.The new measures will be implemented soon, given...

Stay Connected

Facebook