Islamic Finance  Halal Industry 

Saudi Arabia’s Almarai set to raise $500 mln in sukuk

| 26 February, 2019
Saudi Arabia’s Almarai set to raise $500 mln in sukuk

FEBRUARY 26, 2019 | 8:14AM EST | MANAMA

Saudi Arabian dairy company Almarai is set to raise $500 million in sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.

The Gulf’s biggest dairy company is offering investors 180 basis points over mid-swaps for the debt sale, which has received offers of around $5.3 billion, according to the document.

Almarai had hired banks to arrange the issue last year, but the deal, which marks its debut in international debt markets, was delayed because the company faced having to pay a higher interest rate after the murder of Saudi journalist Jamal Khashoggi, banking sources familiar with the matter told Reuters at the time.

(Reporting by Davide Barbuscia, editing by Louise Heavens)

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