News Column

BRIEF: Alhokair completes SR500m debut sukuk

June 28, 2014

Arab News, Jeddah, Saudi Arabia

June 28--JEDDAH -- Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co. has completed a SR500 million ($133 million), five-year sukuk issue, its first issue of an Islamic bond, the company said in a bourse filing.

Alhokair, which franchises brands such as Zara and Marks and Spencer in the Kingdom, did not give the pricing of the sukuk, which was sold in a private placement to investors in Saudi Arabia.

In late May, the company said it was also close to signing an agreement with a group of banks for a loan worth SR1 billion to repay existing loans and finance expansion. Samba Financial Group's investment banking arm arranged the sukuk sale.


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Source: Arab News (Saudi Arabia)

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