Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) plans to offer international trust certificates (sukuk) pursuant to SA Global Sukuk Limited’s Trust Certificate Issuance Programme.
The offering’s amount is subject to market conditions, according to a bourse disclosure.
Net proceeds will be used by Saudi Aramco for general corporate purposes. The trust certificates (sukuk) will constitute USD-denominated, direct, unsubordinated, unsecured, and limited recourse obligations of SA Global Sukuk Limited.
Trust certificate issuance will be subject to the approval of the official authorities.
Aramco recently penned agreements with key Chinese partners to back China’s participation in the Kingdom’s economic growth and reinforce collaboration in new technology development.
In the first half (H1) of 2024, the oil giant recorded 9.06% year-on-year (YoY) lower net profits at SAR 211.28 billion, compared to SAR 232.35 billion.
