Taqweem finalizes Sukuk program, plans 500M Riyals issuance
Tawzea Industries Company has decided to discontinue its local sukuk program denominated in Saudi riyals, which it had previously announced plans to launch with a value of up to 650 million riyals. Although a single financing tranche of 60 million riyals was issued, the remaining tranches were not completed. The two parties agreed to halt the program after reviewing alternative financing options available in the market, without any impact on the company's financial statements. At the same time, the company announced its intention to establish a new sukuk program worth 500 million riyals, with Impact46 appointed as the financial advisor for the ongoing issuance.
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