Almarai Co. launched today its fixed rate RegS Senior unsecured international dollar sukuk issue, the company said in a bourse statement.
The process will continue until tomorrow, Feb. 27, 2019.
The issuance amount, listing price, par value and return are subject to market conditions.
The targeted investors are institutional investors (qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions).
HSBC and First Abu Dhabi Bank were mandated as joint global coordinators, with GIB Capital, JP Morgan and Standard Chartered Bank as joint lead managers.
Minimal subscription is $200,000 and integral multiples of $1,000 in excess thereof, subject to market conditions.
The sukuk have a maturity of five years subject to market conditions and will be fully redeemed at maturity.
The stabilization rules of the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA) will also apply to the issuance.
The bonds will be listed on the Irish Stock Exchange (Euronext Dublin), the statement added.
In September 2015, the Gulf region’s largest dairy producer raised SAR 1.6 billion from sukuk issue, Argaam earlier reported.
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