Aljazira Bank plans $500M sukuk redemption
Al Jazira Bank of Saudi Arabia announced its intention to redeem the first tranche sukuk worth $500 million in full on June 29. This issuance was originally issued in June 2021, and the bank has the right to redeem it after three years. The issuance includes 2,500 sukuk with a nominal value of $200,000 each, and regulatory authorities have approved the redemption, which involves paying the amount along with any due distributions. It is worth noting that the bank achieved a net profit of 1.5 billion riyals last year, representing a growth of 22%, and decided to distribute cash dividends for the first time in three years, amounting to half a riyal per share.
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