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Sunday, 5 July 2009

Saudi Electricity to sell more Islamic bonds

State-owned Saudi Electricity 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.END

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