Mayar Holding Company, an industrial manufacturing entity, plans to issue SAR-denominated sukuk worth 500 million Saudi riyals ($133.31 million) to fund its working capital and capital expansions.

Afaq Financial Company has been named the financial advisor for establishing, issuing and offering the sukuk programme, the company said in a statement published on the Saudi stock exchange on Thursday.

The Murabaha Sukuk programme, which will have a duration of 24 months, is conditional on the Capital Market Authority’s approval.

The sukuk prospectus will be issued after receiving approval from the relevant authorities, the statement said.

(Editing by Seban Scaria