Rawabi closes its largest SAR-denominated issuance

Al Khobar-based contractor Rawabi Holding has closed a SAR 1.2 bn sukuk sale,its largest SAR-denominated issuance to-date, it said in a statement. The issuance is part of a sukuk program it launched in 2020 to raise some SAR 6.5 bn. The sale was 2.8x oversubscribed.

A “landmark” issuance: The issuance’s proceeds surpass Rawabi Holding's last sukuk sale in which it raised some SAR 875 mn last year.

What we don’t know: No details were provided on the number of tranches, yield, or maturity. Rawabi also did not disclose details on use of proceeds.

About Rawabi: The Khobar-based conglomerate serves industries including oil and gas, petrochemicals, marine, engineering and construction, real estate and others.

ADVISORS- Albilad Capital, Alinma Investment, Al Rajhi Capital, and Riyad Capital, quarterbacked the transaction as joint lead managers and bookrunners. Simmons & Simmons Middle East was transaction adviser.