DUBAI, June 10 Saudi Telecom Co (STC),
the Gulf's largest telecommunications operator by market value,
said on Tuesday it had completed a 2 billion riyal ($533
million), 10-year debut sukuk issue.
The issue, which was almost two times oversubscribed,
carried a floating profit rate of 70 basis points over the
three-month Saudi interbank offered rate, currently
at 0.9525 percent.
Government investors, banks, asset managers and insurance
companies bought the sukuk, the statement added.
JP Morgan Chase, Standard Chartered and the
investment banking arm of Saudi Arabia's National Commercial
Bank managed the issue, which was part of a 5 billion riyal
sukuk programme established last month.
(Reporting by Andrew Torchia; Editing by David French)