Saudi Arabia’s Middle East Healthcare Company, the firm overseeing Saudi German Hospitals, has disclosed plans to issue $400M sukuk through a public offering. This move is part of the company’s 1.5 billion riyals ($400 million) debt program, approved by the kingdom’s Capital Market Authority late last year.

According to the company’s recent statement, market conditions will influence the issuance of riyal-denominated Islamic bonds, with the specific amount determined later. Middle East Healthcare, listed on Riyadh’s Tadawul exchange, plans a strategic financial move by issuing sukuk in SAR1,000 denominations, with the proceeds earmarked for general corporate purposes.

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This announcement comes as part of the company’s broader financial strategy and its commitment to tapping into Islamic financing avenues. Al Rajhi Capital, highlighting the importance of the forthcoming sukuk issuance in the healthcare sector, assumes roles as the agent, financial advisor, sole arranger, and dealer.