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Article: SEC expected to raise SR 7 billion from sukuk issue.(Saudi Electricity Company )
- Article from:
- Saudi Economic Survey
- Article date:
- June 22, 2009
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Saudi Electricity Company (SEC),has began a road-show for its second Islamic bond issue which bankers expect will raise up to SR 7 billion ($1.87 billion). Bourse regulator the Capital Market Authority (CMA) said last week it had approved the issuance of the sukuk over the June 13-28 period.
It did not elaborate. Ali Al-Barrak, Electricity Co.'s chief executive, said in a statement to media last week that the state-controlled firm would raise about SR 5 billion from the issue.
The issue will be SEC's second after it raised SR 7 billion in 2007 from its maiden issue, having initially sought to raise only SR 2.5 billion.
The 2007 sukuk was priced ...