JEDDAH: Saudi Arabian dairy and food producer Almarai Co. has completed the sale of a SR 1.3 billion ($ 346.7 million) sukuk, the company said in a bourse filing yesterday.
The issue, which has a floating interest rate, attracted orders worth SR 2.4 billion from institutional investors inside Saudi Arabia, the statement said.
It is the second local currency sukuk from the Gulf's largest dairy firm - it sold a SR 1 billion offering in March 2012.
Both deals form part of the same SR 2.3 billion sukuk program.
Almarai said on March 4 that it had appointed NCB Capital, the investment banking arm of state-owned National Commercial Bank, to arrange meetings with Saudi fixed income investors ahead of the sukuk's sale.
Shares in Almarai ended 1.1 percent higher yesterday, against a broader market gain of 0.5 percent. The sukuk announcement came after the market close.
Almarai sells SR 1.3 bn sukuk
Almarai sells SR 1.3 bn sukuk
