Monday, Mar 04, 2013
DUBAI (Zawya Dow Jones)--Saudi Arabia-based Almarai Co. (2280.SA) plans to issue the second tranche of a 2.3 billion riyals ($613 million) Islamic bond program after meeting with potential investors during the next two weeks, the Gulf's largest dairy producer said Monday.
It issued the first tranche of Islamic bonds, or sukuk, worth 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 in a statement posted on the Saudi bourse website.
"This second tranche of Sukuk will be a private offering to sophisticated investors resident in the Kingdom of Saudi Arabia," the company said.
Almarai has mandated NCB Capital to act as sole dealer for the planned sukuk issue.
Over the past few years, Almarai has 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.
Almarai shares closed 2.3% higher at SAR66 Sunday.
Write to Nikhil Lohade at nikhil.lohade@dowjones.com
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(END) Dow Jones Newswires
04-03-13 0641GMT
