Almarai plans private Islamic bond
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Almarai plans private Islamic bond

Almarai plans private Islamic bond

Saudi-based dairy and food producer Almarai Co has unveiled plans to issue the second tranche of a riyal-denominated Islamic bond programme in the coming months to private investors, Reuters has reported. "This second tranche of sukuk will be a private offering to sophisticated investors resident in the kingdom of Saudi Arabia," the firm said. Proceeds from the sukuk are seen helping finance Almarai's $4.2bn investment programme, which is aimed to expand its business between 2013 to 2017. The Gulf's largest dairy firm raised SR1bn ($266.6m) through the first tranche in March in a deal which was 4.7 times oversubscribed.

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