Saudi Arabia-listed WSM For Information Technology is looking to raise capital through sukuk issuance.

The company confirmed on Monday its plan to create a sukuk programme to raise up to SAR 500 million ($133.3 million).

Proceeds of the programme will support WSM's business operations and fund its expansion plans.

The proposal is still subject to regulatory approvals. The company is expected to appoint Impact Financial Company as the financial advisor for the issuance, as per the Board of Directors' decision.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com