Saudi-based Dar Al Arkan Real Estate Development Company has announced that it has successfully redeemed its $400 million Islamic bond (sukuk), settling the principal in full on the maturity date.
The sukuk, issued on July 7, 2022, comprised 400,000 certificates with a par value of $1,000 each. The trading of the sukuk ended on February 7 (yesterday) with 100% of the outstanding amount redeemed, leaving no remaining issuance, said Dar Al Arkan Real Estate Development Company in its filing to Saudi bourse Tadawul.
HSBC Bank, which acted as the paying agent and sukuk holders’ agent, has already deposited the principal amounts into sukuk holders’ accounts, it stated.
The redemption was funded through internal resources and completed on the due date. The financial impact of the transaction will be reflected in the company’s first-quarter 2026 results, it added.-TradeArabia News Service
