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SEC invites banks for potential dollar-bond

Riyadh, February 15, 2011

Saudi Electricity Co has invited banks for a potential bond mandate, reported IFR Markets, a unit of Thomson Reuters, after the company said last year it could tap international debt markets in 2011.   

In May, a senior executive said the company was considering its first international bond issue which would be an Islamic issue, or sukuk.

The company has so far only issued domestic sukuk.

A request for proposals (RFP) has been sent to a limited number of local banks and international institutions with operations in Saudi Arabia, and replies are due by the end of February, IFR said.   

SEC plans to invest $80 billion to boost capacity to at least 70,000 megawatts by 2020 from an installed capacity of 50,000 MW to meet domestic demand rising at 8 percent annually.

It is 81 percent owned by the government, while 19 percent is floated on the stock market. - Reuters




Tags: bond | SEC | Saudi Electric |

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