JEDDAH: Saudi Arabian dairy firm Almarai has completed an SR1.6 billion sukuk issue, it said in a statement.

The Islamic bond was sold to professional investors in the Kingdom and has a lifespan of seven years, it said, adding the sukuk had a floating rate coupon, but did not disclose what its pricing was.

The company said last month it planned to raise up to SR2 billion from the offering, which would be arranged by HSBC Saudi Arabia and Samba Capital.