Saudi Almarai plans to issue Sukuk

17 Oct 2011

(MENAFN) Almarai Co said that the company planned to issue Sukuk, or Islamic bonds, once it would get the approval of its shareholders, reported Emirates 24/7.

The company added that when all regulatory approvals would be taken, Almarai shareholders would be required to approve the bond issue program during the next general assembly meeting next month and to authorize the company’s board of directors to issue the Islamic bonds.

On the other hand, the company said that it would invest around USD1.1 billion in the poultry sector.

It is worth noting that in the second quarter, the Saudi firm’s net profit reached USD93.12 million.

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