Saudi Hollandi to issue 1.4 bln riyal sukuk

JEDDAH, Saudi Arabia, Sept 9 Sun Sep 9, 2012 7:07pm IST

JEDDAH, Saudi Arabia, Sept 9 (Reuters) - Saudi Hollandi Bank plans to issue a 1.4 billion riyal ($373 million) private placement sukuk, or Islamic bond, it said in a bourse statement on Sunday.

"Saudi Hollandi Bank's board of directors approved on September 9 the issuing of sukuk worth 1.4 billion riyals as a private offering to support its capital base by using a sharia compliant structure," it said.

The issue is subject to the approval of the capital market authorities. (Reporting by Asma Alsharif)