Saudi-listed Waja Company has launched the first tranche of its $2.67 million sukuk programme, as it looks to raise capital to fund its expansion.

The first installment of the Shariah-compliant debt instrument, to be offered in two issuances, is valued at SAR 2.5 million, the company confirmed on Monday.

The offer price is set at SAR 1,000 per sukuk. The firm has appointed Sukuk Financial Company as the sole arranger for the offering.

Waja had earlier announced plans to raise up to SAR 10 million through the Saudi riyal-denominated sukuk offering to fund the company’s growth and expand operations across various sectors, including construction, media, and information technology.

(Writing by Cleofe Maceda; editing by Seban Scaria)