16.07.2012 - Dar Al-Arkan repays SAR 3.75 bln ($1 bln) Sukuk due 16 July 2012
Dar Al-Arkan Real Estate Development Company has announced repayment of its Sukuk II, which is due on Monday 16 July 2012, and amounts to SAR 3.75 billion ($1bn). The company transferred the total principal sum to Deutsche Bank (the principal paying agents) on Thursday 12 July 2012 and the Sukuk account holders will receive funds on Monday 16 July 2012. This second Sukuk was part of Dar Al-Arkanís Islamic structured debt programme (Sukuk program), initiated in 2007. The aim of the programme was to provide high quality long term external financing to complement the companyís internal cash flow at a time of strong growth in the Saudi real estate market...............................................Full Article: Source
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