Savola Group Company announces the successful completion of offering a sukuk issuance pursuant to its Sukuk program

Element ListExplanation
Introduction Reference to the announcement from the Savola Group Company (Savola) published on the website of the Saudi Stock Exchange (Tadawul) on 15/10/1440H (corresponding to 18/6/2019G) relating to offering a sukuk issuance (the “Issuance”) under the Sukuk program in exchange for monetary consideration or in exchange of all or some of the Sukuk denominated in Saudi Arabian Riyals and was offered by way of private placement on 10/03/1434H (corresponding to 22/01/2013G) (the “Previous Sukuk”), Savola would like to announce that it has completed the offering of such issuance as per the details set out below.
Issuing type Sukuk denominated in Saudi Arabian Riyals offered by way of private placement.
Issuing Amount SAR 1,000,000,000
Total number of (Bonds/Sukuk) 1000 sak
Par Value (Bonds/Sukuk) SAR 1,000,000
Return (Bonds/Sukuk) 6 months SIBOR+ 160 bps
Maturity (Bonds/Sukuk) 7 years
Terms of Redemption Unless redeemed earlier in the circumstances described in the base prospectus of the Sukuk Program, or purchased and cancelled, the Sukuk of the Issuance shall be redeemed on the expiry date of the sukuk.
Additional Information It should be noted that the value of this Issuance has been paid through monetary consideration of SAR 493 million representing 49.3% of the value of the Issuance.

The remaining value of the Issuance has been paid through exchanging the Sukuk of the Issuance with a part of the Previous Sukuk, as follows:

- A number of 507 Sak of the Previous Sukuk has been redeemed and exchanged on 9 July 2019 and its trading was suspended on such date (“Redeemed Sukuk”), for a value of SAR (1) one million for each Sak (the nominal amount for the Sak) with a total amount of SAR 507 million for all the Redeemed Sukuk, which represents 33.8% of the aggregate nominal amount of the of the Previous Sukuk; and

- As a result of the above, the aggregate nominal amount of the Previous Sukuk has decreased from SAR 1,500,000,000 to SAR 993,000,000.

Savola has appointed HSBC Saudi Arabia to manage Sukuk offer including the redemption process and the participation of the holders of the Redeemed Sukuk in the Issuance (the exchange).

It's worth mentioning the subscription requests has exceeded the issuance value by more than 1.6 times.

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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