Almarai launches dollar-denominated sukuk

Almarai Company announced the start of offering sukuk denominated in US dollars, indicating that the issuance amount will be determined after the end of the offer period, based on the market conditions at that time, as the end date of the offering will be tomorrow, Wednesday, July 19, while the maturity period will be (the sukuk / bond) 10 years

The company said in a statement today on “Tadawul” that the minimum subscription is $ 200,000, in increments of $ 1,000, and it will be

The nominal value is $200,000, and the price and return (the instrument/bond) will be determined according to market conditions.

Regarding the target group of the issuance, the company said they are qualified investors in the Kingdom of Saudi Arabia and internationally

Almarai has appointed Citigroup, Dubai Islamic Bank, HSBC, JPMorgan and Standard Chartered Bank as bookrunners in connection with the sukuk offering.

The company stated that it is permissible to early redeem the sukuk before its maturity period in certain cases specified in the offering documents issued on 12/29/1444 AH (corresponding to 07/17/2023 AD) prepared regarding the sukuk.

Indicating that this announcement does not constitute an invitation or an offer to buy, own or subscribe to any securities. Almarai Company will announce any other material developments in due course in accordance with the relevant rules and regulations.

The sukuk will be listed on the Irish Stock Exchange’s global financial market under the name Euronext Dublin.

They may be sold under Regulation S of the US Securities Act of 1933, as amended.

The company said that the end date of the offering referred to above is an expected date and is subject to market conditions

This comes with reference to Almarai’s announcement, published on the Saudi Tadawul website on Monday, July 17, regarding its intention to issue sukuk denominated in US dollars (“Sukuk”).