Saudi Electricity wants to sell more Islamic bonds
JEDDAH, July 4 (Reuters) - State-owned Saudi Electricity 5110.SE will sell more Islamic bonds, or sukuk, to finance expansion of capacity, its chief executive said on Saturday.
"In the future there is a plan (to issue more sukuk) to fund projects," Ali Saleh al-Barrak told reporters in the Saudi Red sea port of Jeddah. He gave no details.
Last week, the firm priced a 5 billion riyals sukuk 160 basis points over the Saudi interbank rate (Saibor).
Barrak said then the new five-year issue has raised at least 10 billion riyals, but declined to say how much the company ended taking. Bankers said it would be 7 billion riyals.
Saudi Electricity is currently carrying out projects worth 75 billion riyals to be completed within three years.
(For Reuters content on Islamic finance, click on ISLAMIC)
(Reporting by Asma Alsharif; writing by Ulf Laessing; Editing by Peter Blackburn)
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