RIYADH: Saudi-based Almarai company has announced to issue a new ‘Senior Sukuk’ of SR2bn (about $533m) to raise capital for financing company’s upcoming projects , according to a statement published on its website on Tuesday.
"Subject to market conditions, this issuance will be SAR (Saudi riya) denominated in a total amount of up to SAR 2 billion, fully compatible with Islamic Shariah. Hence, the total Sukuk issuances of the company will equal its share capital of SAR 6 billion, in line with the approval of the Extraordinary General Assembly meeting held in September 2013.
"This Sukuk issuance will be, as for the previous ones, a private offering to sophisticated investors resident in the Kingdom of Saudi Arabia, the company's statement added.
"Subject to market conditions, Almarai will hold several meetings from this week with interested investors. Shareholders will be updated with any progress in this regard."
Almarai said it has mandated HSBC Saudi Arabia Limited and Samba Capital & Investment Management Company to act as joint lead managers.
The Peninsula
