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National Commercial Bank Announces its Intention to Issue Additional Tier 1 Sukuk Denominated in US Dollar.

Element ListExplanation
Introduction The National Commercial Bank (“Bank”) announces the intention of NCB Tier 1 Sukuk Limited (an exempted company with limited liability in the Cayman Islands) to issue USD denominated Additional Tier 1 Sukuk.

The Bank has mandated Citigroup Global Markets Limited, Emirates NBD Capital, Goldman Sachs International, J.P. Morgan Securities plc, MUFG Securities EMEA plc, NCB Capital Company and Standard Chartered Bank as Joint Lead Managers and Bookrunners for the potential offer.

Offer Type Additional Tier 1 Sukuk denominated in US Dollar.
Date of the board’s decision 2020-01-24 Corresponding to 1441-05-29
Value of the offer The number and value of any Sukuk to be offered will be determined based on market conditions.
The Purpose of the offer The purpose of the potential offer is to enhance the Bank's tier 1 capital as well as for general corporate purposes
Approvals The potential offer will be subject to the approval of the relevant regulatory authorities and will be made in accordance with the applicable laws and regulations.
Additional Information This announcement is not intended as an invitation of offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the Sukuk. The Bank will announce any other relevant material developments to its shareholders in due course. It should also be noted that any offering of the Sukuk will be limited to qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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