Sartorp to Sell Sukuk to Saudi Investors

abarrelfullabarrelfull wrote on 25 Aug 2011 05:27
Tags: refinery saudi-arabia saudi-aramco total

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The Capital Market Authority (CMA)’s Board has issued its resolution number 2-25-2011 on 14/9/1432H [14/8/2011G] approving the public offering of sukuk certificates (the "Sukuk") by Arabian Aramco Total Services Company ("AATSC"), a company especially established for the purpose of issuing the Sukuk on behalf of SAUDI ARAMCO TOTAL Refining and Petrochemical Company ("SATORP"). The total offering size will be determined at a later stage by SATORP.

SATORP has appointed Deutsche Securities Saudi Arabia; Samba Capital & Investment Management Company; and Saudi Fransi Capital as Joint Lead Managers and Joint Bookrunners.

Investor communication for the offering and the offering period will commence on Saturday, 12/10/1432H [10/09/2011G] and last for a period of sixteen (16) working days, with a group event roadshow on Tuesday 15/10/1432H [13/9/2011G].

The Sukuk will allow investors to participate in the overall financing for the SATORP refinery project in Jubail, a project sponsored by Saudi Aramco and TOTAL.

The Sukuk will be the first Shariah compliant project sukuk instrument in the Kingdom of Saudi Arabia (the "Kingdom"). The Shariah structure of the Sukuk has been approved by the Shariah Boards of Al Inma Investment Company, Bank Al-Bilad, Deutsche Bank, Samba Financial Group and Credit Agricole CIB.

The Sukuk issuance is expected to be offered to financial institutions, mutual funds, insurance companies and pension funds as well as individuals, who will be able to subscribe to the Sukuk subject to the subscription terms and conditions. The offering, sale and delivery of the Sukuk is limited solely to Saudi nationals and those other legal persons with a permanent establishment in the Kingdom holding a current commercial registration number issued by the Ministry of Commerce and Industry. More details on the Sukuk offering will be available from Saturday, 12/10/1432H [10/09/2011G] on SATORP’s website and the websites of the Joint Lead Managers and Joint Bookrunners below:

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