This website is using cookies
This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.

STC Sukuk Co. (Trust Issuance Prog): 30 April 2019

Under this US$5bln trust certificate issuance programme, STC Sukuk Company Limited, subject to compliance with all relevant laws, regulations and directives, may from time to time issue trust certificates denominated in any currency agreed between the Trustee, Saudi Telecom Company and the relevant Dealer. The aggregate face amount of all Certificates from time to time outstanding under the Programme will not at any time exceed US$5bln (or its equivalent in other currencies), subject to any increase as described in the Dealer Agreement.

The Group is the leading telecommunications operator in Saudi Arabia with a 73% share of the aggregate revenue of telecommunications providers in Saudi Arabia in 2018. Within Saudi Arabia, the Group provides a wide variety of telecommunications services, including mobile, fixed line and broadband access products, wholesale, data centre hosting, solutions for office and home environments, cybersecurity, and other information and communication technology and related solutions. The Group had 24.3 million mobile, fixed line and broadband subscribers in total as at 31 December 2018 in Saudi Arabia. The Group also provides mobile telecommunications services in Bahrain and Kuwait through subsidiaries.

Each Tranche of Certificates issued under the Programme will be constituted by: (i) a master declaration of trust dated 26 April 2019 entered into between the Trustee, STC and HSBC Corporate Trustee Company (UK) Limited as delegate of the Trustee; and (ii) a supplemental declaration of trust in relation to the relevant Series. Certificates of each Series confer on the holders of the Certificates from time to time the right to receive certain payments arising from a pro rata ownership interest in the assets of a trust declared by the Trustee in relation to the relevant Series over the Trust Assets. Certificates may only be issued in registered form.

The transaction structure relating to the Certificates has been approved by the HSBC Saudi Arabia Executive Shariah Committee, the Shariah advisers of J.P. Morgan Securities plc and the Shariah Supervisory Committee of Standard Chartered Bank.