Saad Islamic bond issue may be dissolved

Holders of a $650 million Islamic bond issued by a unit of troubled Saudi firm Saad have been asked to vote on dissolving the sukuk, trustee Citi said on Tuesday.

Citi said a "dissolution event" had taken place, triggering the bondholder vote.

The bond would be dissolved if holders of 25 percent of the sukuk agree to the proposal, or if Citi was directed by an extraordinary resolution of the sukuk holders, the bank said in a statement to Bahrain's stock exchange.