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Saudi Electricity to sell Islamic bonds to raise capital

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Sun, 2007/07/01 - 20:22 by Muslim Investor

Saudi Electricity will begin presentations on Saturday to raise two billion riyals ($533.3 million) by selling Islamic bonds to investors in the kingdom, the lead manager said yesterday. "We intend to close the book-building process by mid-July and have the issuance wrapped up towards the end of July," said Hissam Kamal Hassan, director of Islamic Finance for HSBC in Saudi Arabia. HSBC is lead manager and sole bookrunner of the sale. Only institutional and individual investors resident in Saudi Arabia and with bank accounts in the kingdom will be allowed to buy the bonds which will mature in five years.

The company will use the cash to fund expansion needed to meet surging demand for power which will require 190bn riyals by 2015.

Price guidance will be provided towards the end of the roadshow, or by the end of the first week of July, Hassan said.

On Monday the Saudi Capital Markets Authority gave the firm permission to raise up to 5bn riyals in bonds.

Via Gulf Daily News.

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