The advisors in Rawasi al Bina sukuk issuance
Norton Rose Fulbright has advised Rawasi Al Bina Investment Company (Rawasi Al Bina) on the approval of its SAR 500 million sukuk issuance programme, while Stat Law Firm advised Al Khair Capital Saudi Arabia Company as sole arranger, dealer, and financial advisor in the operation.
The programme has been approved by the Saudi Capital Market Authority (CMA) allowing it to establish a SAR500 million Sukuk Issuance Programme and the offering of Sukuk under the programme on a “public offer” basis to investors in the Kingdom.
The approval represents the first ever public offer of Sukuk approved by the CMA under landmark changes to the Rules on the Offer of Securities and Continuing Obligations (OSCO Rules) which came into effect recently.
The teams
The Norton Rose Fulbright team advising on the transaction was led by partner Hamed Afzal (pictured). It also included senior associates Yousef Al Amly, Faisal Aldhayaan and Michael Stevens, associate Amira Nassar and trainee solicitor Michael Wilson.
The Stat Law Firm team advising on the transaction was led by partners Faris Al Amoudi (pictured left) and Zeyad Y. AlSalloum (pictured right). Furthermore, it included lead associates Liaan AlFayadh and Omar Alsughaiyer, as assisted by associate Naif Alharbi and trainee associate Sultan Albadi.
