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FINANCIAL NEWS
Saudi Binladin Group issues $187m sukuk
18 Jul 2010
(MENAFN) Jeddah-based Saudi Binladin Group (SBG) has issued a $187 million Islamic bond or Sukuk on July 12 through a private placement to Saudi investors as the Jeddah-based company expands its operations, Reuters reported.
The Sukuk was offered to Saudi sophisticated investors and issued through Saudi BinLadin Sukuk Co., was more than 2.5 times oversubscribed, lead manager HSBC Saudi Arabia said in a statement.
SBG will invest $136 million to more than quadruple output at a Senegalese oil refinery, Qasim Al-Shaikh, the oil and petrochemical unit chief, said May 1.
The group is also bidding to develop the first phase of an airport in Madina, the official said.
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