Dubai: Tanker giant National Shipping Company of Saudi Arabia (Bahri) is lining up a first sukuk issue worth up to RYL3.9bn ($1.04bn) this quarter, the company’s vice ceo for finance Mohammad Alotaibi has told Reuters.
“This is our first time in the sukuk market and I think it’s good for the company to tap into the sukuk market for diversification purposes. Hopefully we will continue to be active in both sukuk and also working with our banks,” he told the newswire.
HSBC Saudi Arabia, JP Morgan and Samba Capital are arranging the transaction.
The money used is expected to replace a bridging loan it has used to help fund the acquisition of fellow Saudi tanker owner, Vela.