Monday, Apr 01, 2013
RIYADH (Zawya Dow Jones)--Saudi's Almarai Co. (2280.SA) has issued a 1.3 billion riyal ($347 million) Islamic bond, or sukuk, after receiving orders worth SAR2.4 billion, the Gulf's largest dairy producer said Monday.
The sukuk was issued privately on a floating rate basis to investors in the kingdom, Almarai said in a statement posted on the Saudi bourse website.
The issue was part of a SAR2.3 billion Islamic bond program. It issued the first tranche of SAR1 billion in March 2012 and plans to use the funds to help finance its 2013-2017 capital investment program of SAR15.7 billion, Almarai said last month.
Almarai's shares closed up 1.1% at SAR68 on Monday.
Write to Ellen Knickmeyer at ellen.knickmeyer@dowjones.com
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(END) Dow Jones Newswires
01-04-13 1354GMT
