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Saudi Electricity: Holding meetings with investors for a potential dollar-denominated sukuk offering, Today, Wednesday, September 9, 2020 09:59 a.m.
The company said, in a statement on the Saudi Stock Exchange website “Tadawul”, that the number and value of the offering will be determined according to market conditions and the company’s requirements, indicating that the objective is to finance eligible green capital projects.
“Saudi Electricity” added that the offering is subject to the approval of the relevant official authorities. The stability rules of the Financial Conduct Authority will apply (FCA) And the International Financial Market Foundation (ICMA) In the subtraction.
Saudi Electricity has been designated a category A – From searched (stable look) and class A – From Standard & Poor’s (stable outlook) and class A2 From Moody’s (negative), both HSBC and MUFG as green sukuk structuring advisors.
First Abu Dhabi Bank, HSBC, GBMorgan, MUFG and Standard Chartered Bank were appointed as the Issue Managers; This was to arrange a series of telephone meetings with fixed income investors in Asia, Europe and the Middle East, starting from September 9, 2020.
According to the statement, the company issued a framework document for green bonds that was prepared in accordance with the principles of green bonds issued by the International Financial Market Corporation. (ICMA) And in line with the European Union’s regulation for classifying environmental targets for mitigating climate change.
The framework for issuing green sukuk was reviewed and evaluated by an independent international external party specializing in reviewing environmental practices, social responsibility and governance, Fegio Iris, and the independent evaluation came in the highest category of classification (reasonable assurance)That is, the highest level of emphasis on the expected contribution of green sukuk to the company’s sustainability goals.
The company noted that the potential offering of these green sukuk will be limited to qualified investors in the countries in which the offering will take place, in accordance with the laws and regulations in force in those countries.
وذكر Press reportsOn Monday evening, the Saudi Electricity Company intends to offer dollar-denominated bonds soon.
Saudi Electricity signed a loan last AugustPeacefully, in a joint venture, worth nine billion riyals (4.2 billion dollars) with local banks.
The company’s shares ended Tuesday’s trading, down by 0.12%, at 16.58 riyals.