Bahrain, 29 April 2013 - Baker & McKenzie recently acted for Almarai Company in respect of the issuance of their Series 2 for an amount of SR 787 million (US$ 209,903,049), and Series 3 for an amount of SR 513 million (US$ 136,823,716) sukuk under their SAR 2.3 billion sukuk programme. The Series 2 and 3 sukuk, having a tenor of five and seven years respectively, were issued simultaneously and privately placed with key Saudi investors.
The Almarai Sukuk programme, set up in March 2012, was the first domestic Sukuk programme to be established in the Kingdom of Saudi Arabia.
The Baker & McKenzie team was led by partner Bilal Kahlon who commented, "Having assisted Almarai on the establishment of the first domestic Sukuk programme in the Kingdom of Saudi Arabia and their debut Sukuk issuance, we are very pleased to have, once again, assisted Almarai in respect of their Series 2 and 3 Sukuk issuances. The strong response the issuances received from the Saudi market is a testament to the continued strength of Almarai."
Bilal Kahlon was supported by Partner Dr. Nasser Al Faraj and Associates Umera Ali and Nezar Al Abbas.
© Press Release 2013
