Saudi Arabia's food and beverages group, Almarai Company, plans to issue trust USD-denominated trust certificates under the $2 billion Trust Certificate Issuance Programme.

In a regulatory filing on the Saudi Tadawul stock exchange on Monday, the company said the size of the issuance would be decided at a later time based on market conditions at that time.

The purpose of the issuance is general corporate purposes, it said.

The company, which is also the Gulf region's largest dairy producer, has mandated Citigroup, Dubai Islamic Bank, HSBC, J.P. Morgan and Standard Chartered Bank as joint lead managers for the offering.

Almarai reported a 7% jump in Q2 2023 in net profit to $148.45 million on increased revenue and improved operational efficiencies, but warned earnings were slightly impacted by rising funding costs in line with SAIBOR interest rates.

(Writing by Brinda Darasha; editing by Daniel Luiz)