IslamicFinance.de

Saudi Arabian food company Almarai plans to sell perpetual Islamic bonds, the first from an issuer in the kingdom. Almarai will meet domestic investors in the next two weeks to privately place of 1.7 billion Saudi riyals of senior sukuk that do not mature. BNP Paribas, HSBC Saudi Arabia, Saudi Fransi Capital and Standard Chartered have been mandated as joint lead managers for the perpetual offering. Almarai, which sold 1.3bn riyals of five- and seven- year sukuk in March, is raising funds for a 15.7bn-riyal four-year investment program. The ability to raise cash without disturbing a company's share structure is a key benefit, therefore this might be especially interesting for the region's family-owned businesses.