Trustee seeks clarity from Saudi's Saad on sukuk

The trustee of a US$650 million Islamic bond, or sukuk, issued by Saudi's Saad group said on Sunday it had requested clarity from the troubled group over the bond's status.

Citicorp Trustee Company said in a note to holders of the Golden Belt 1 Sukuk Company, a special purpose vehicle registered in Bahrain, that it had requested Saad to provide it with funds to secure against liabilities.

Saad Group is undergoing debt restructuring after it said last month it ran into unspecified difficulties and parts of it were downgraded to junk status by Moody's.