Saudi’s Dar Al Arkan buys back bulk of $200 mln sukuk due April
The deal represents an 87% repurchase of its Islamic bond due in April
Saudi Arabia's Dar Al Arkan Real Estate Development Co said on Monday it had repurchased 87 percent of its 750 million riyal ($200 million) Islamic bond due to mature in April.
The purchase of 650 million riyals worth of the paper was "in line with Dar Al Arkan's strategy to manage its liabilities efficiently and to fulfill its commitments proactively," the firm said in a bourse statement.
Dar Al Arkan said the repurchased sukuk had been cancelled, with the remaining 100 million riyals due to mature on April 15, 2014.