Complex Made Simple

Almarai picks lenders for $453m sukuk sale

Saudi dairy producer Almarai Co has said it has mandated four banks to arrange the sale of a SR1.7bn ($453.3m) Islamic hybrid bond, Reuters has reported. The offering, part of a SR15.7bn, five-year capital funding programme, will be sold to sophisticated investors residing in the kingdom, said Almarai. The investment banking arm of Banque Saudi Fransi, BNP Paribas, HSBC's Saudi unit and Standard Chartered were mandated to hold investor meetings during the next two weeks, it added.