SABIC to purchase assets of its first sukuk

Saudi Basic Industries Corporation (SABIC) announced Monday its intention to purchase the assets of its first Sukuk amounting to SAR 3 billion which was issued in July 2006, in accordance with the terms and conditions of the Sukuk. As a result of this, trading of the Sukuk will cease on 15th June 2011 and the amounts due to the Sukukholders will be deposited to the Sukukholders accounts on 16th July 2011 from the company''s available cash. Subsequently the Sukuk will be delisted and cancelled, SABIC said in a statement published on the Saudi Stock Exchange (Tadawul) website on Monday.