Intelligent Oud Trading Company (the “Issuer”) has announced the commencement of the offer and subscription period for its Saudi Riyal-denominated sukuk under its SAR 300 million sukuk issuance programme.
The new issuance will be offered to both retail and institutional investors in the Kingdom of Saudi Arabia.
Offering Overview
The sukuk issuance is structured as senior, credit-enhanced sukuk denominated in Saudi Riyals and arranged under a Mudaraba/Murabaha structure.
- Initial issuance size: SAR 50,000,000 (final size subject to market conditions)
- Offer period: 10 May 2026 to 14 May 2026
- Issue price / par value: SAR 1,000 per sukuk
- Minimum subscription: 1 sukuk (SAR 1,000)
- Tenor: 5 years, with issuer call option after 24 months
- Return: 10.50% per annum, paid semi-annually
- Ranking: Senior, unsubordinated, unsecured (with credit enhancement)
Credit Enhancement and Rating
The first issuance under the programme includes a Sukuk Servicing Reserve Account (SSRA), which maintains a reserve equal to 12 months of profit distributions. This reserve is intended to support periodic payments and final redemption in case of cash flow shortfalls.
The sukuk carries a preliminary credit rating of BBB-, based on an assumed issuance size of SAR 50 million.
Redemption Terms
The sukuk will be redeemed at 100% of nominal value at maturity, with the possibility of early redemption under specific conditions outlined in the terms. If early redemption occurs, accrued profits will be calculated up to the redemption date.
Distribution and Structure
- Profit distribution: Fixed, paid semi-annually
- Target investors: Retail and institutional investors in Saudi Arabia
- Issuance manager: Impact46 Capital (Financial Advisor and Sole Arranger)
Zakat and Regulatory Treatment
The Company will treat the sukuk as part of its capital for Zakat purposes and include its nominal value in the Zakat base during the tenure of the issuance.
Receiving Agents
Subscription will be available through several licensed financial institutions, including SNB Capital, Al Rajhi Capital, Riyad Capital, Alinma Investment, and others.
Additional Information
The sukuk is subject to the terms and conditions set out in the Base Prospectus approved by the Capital Market Authority. The offering does not constitute a general invitation or guarantee of allocation.
