Arab National Bank plans 5bn riyal bond redemption

Alinma Bank, a Saudi financial institution, plans to redeem its Additional Tier 1 Capital Sukuk worth 5 billion riyals issued in 2021, with the redemption scheduled for July 1st. The nominal amount and accrued profits will be returned to sukuk holders based on their ownership as of June 16th, following the completion of regulatory approvals. This move is part of a strategy to strengthen the bank's capital base, which includes increasing the capital by 20% from 25 billion riyals to 30 billion riyals and expanding the share base from 2.5 billion to 3 billion shares.

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