Saudi Arabia's Advanced Petrochemical Company redeems 1 bln riyals sukuk

Saudi Arabian polypropylene maker Advanced Petrochemical Company has fully redeemed its 1 billion riyals ($267 million) sukuk on November 17, it said in an exchange filing on Monday (Nov 18).

The sukuk was issued on Nov 17, 2014. A floating rate pricing structure linked to SAIBOR was used for the sukuk.

Advanced Petrochemical Company’s thermoplastic polymer, or polypropylene, is used to manufacture a wide range of goods, including personal care products, fresh food packaging, lightweight plastics and construction materials.

The company reported net profit of 213.12 million riyals for the three months ending September 30, an increase of 5.4% compared to the same period in 2018.

($1 = 3.75 Saudi riyals)

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