Nov 20 2011 |
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Saudi Arabia's Almarai Shareholders OK Co's Plan To Issue Sukuk
Sunday, Nov 20, 2011
DUBAI (Zawya Dow Jones)--Saudi Arabia's Almarai Co. (2280.SA) said Sunday its shareholders have approved a plan for the region's largest dairy producer to issue Islamic bonds, or sukuk.
Almarai , in a statement posted on the Saudi bourse website, said shareholders have "authorized the board of directors to take all necessary measures to issue such sukuk, once the necessary approvals from the relevant authorities have been received".
Last month, Almarai said it would issue one or a series of bonds, which will be compliant with Islamic law, from time to time. The size of the offering will be set by the firm's board without referring to the shareholders' general assembly, it said.
The dairy producer previously made a number of acquisitions, including Egyptian subsidiary the International Co. for Agroindustrial Projects, better known as Beyti, and Jordan's Taiba Investment and Advanced Food Co.
-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
20-11-11 0921GMT
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