Dar Al Arkan buys back bulk of $200m sukuk
Riyadh, December 23, 2013
Saudi Arabia's Dar Al Arkan Real Estate Development Co said on Monday it had repurchased 87 per cent of its SR750 million ($200 million) Islamic bond due to mature in April.
The purchase of SR650 million worth of the paper was "in line with Dar Al Arkan's strategy to manage its liabilities efficiently and to fulfill its commitments proactively", the firm said in a bourse statement.
Dar Al Arkan said the repurchased sukuk had been cancelled, with the remaining 100 million riyals due to mature on April 15, 2014.-Reuters