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Sabic gains on Sukuk asset purchase plans

Posted on 14 June 2011

The Tadawul market in Riyadh added 0.54% on Monday and closed at 6,584.58 points. Shares of Saudi Basic Industries Corporation (Sabic) finished half a percent higher at SR103.25. Earlier in the day, Sabic announced its intention to purchase the assets of its first Sukuk amounting to SR3bn which was issued in July 2006, “in accordance with the terms and conditions of the Sukuk,” Sabic said in a statement to the Saudi Stock Exchange.
The Capital Market Authority (CMA) announced on Sunday, June 12, 2011 its approval for Saudi International Petrochemical Company (Sipchem) to issue its debut Mudaraba Sukuk……………………………………….Full Article: Source

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