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Almarai may raise $347m from sukuk sale
RIYADH - Almarai may raise as much as 1.3 billion riyals ($347 million) from the sale of Islamic bonds as Saudi Arabia’s largest food producer by market value seeks financing to increase production and make acquisitions.
“We are working to announce a second tranche by the end of the year,” Chief Financial Officer Paul-Louis Gay said in an interview in Riyadh on Tuesday. “The value is no secret. It’s around one billion riyals to 1.3 billion riyals.”
Almarai said its board approved a 15.7 billion-riyal investment programme for the next five years.
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