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Saudi Aramco, Total appoint three banks for sukuk

Source: www.gulfoilandgas.com 8/14/2011, Location: Middle East

The Capital Market Authority (CMA)’s Board has issued its resolution number 2-25-2011 approving the public offering of sukuk certificates by Arabian Aramco Total Services Company (AATSC), a company especially established for the purpose of issuing the Sukuk on behalf of SAUDI ARAMCO TOTAL Refining and Petrochemical Company (SATORP). The total offering size will be determined at a later stage by SATORP.

SATORP has appointed Deutsche Securities Saudi Arabia; Samba Capital & Investment Management Company; and Saudi Fransi Capital as Joint Lead Managers and Joint Bookrunners. Investor communication for the offering and the offering period will commence on 10 September 2011 and last for a period of sixteen (16) working days, with a group event roadshow on 13 September 2011.The Sukuk will allow investors to participate in the overall financing for the SATORP refinery project in Jubail, a project sponsored by Saudi Aramco and TOTAL.

The Sukuk will be the first Shariah compliant project sukuk instrument in the Kingdom of Saudi Arabia. The Shariah structure of the Sukuk has been approved by the Shariah Boards of Al Inma Investment Company, Bank Al-Bilad, Deutsche Bank, Samba Financial Group and Credit Agricole CIB. The Sukuk issuance is expected to be offered to financial institutions, mutual funds, insurance companies and pension funds as well as individuals, who will be able to subscribe to the Sukuk subject to the subscription terms and conditions. The offering, sale and delivery of the Sukuk is limited solely to Saudi nationals and those other legal persons with a permanent establishment in the Kingdom holding a current commercial registration number issued by the Ministry of Commerce and Industry.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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