Almarai to issue Islamic bond

JEDDAH: Saudi Arabia's Almarai Co, the Gulf's biggest dairy firm by market value, plans to start a road show this week to issue a riyal denominated sukuk, or Islamic bond, the firm said in a bourse statement on Saturday.

"Subject to market conditions, Almarai will hold several meetings this week with interested investors," the firm said in the statement.

Almarai has mandated HSBC to act as arranger, the statement added.

Last year, Almarai got shareholder approval for an Islamic bond sale and also said it plans to invest 4 billion riyals ($1.1 billion) in the poultry sector.

Almarai announced plans in December to increase its capital by 73.9 percent to 4 billion riyals ($1 billion) from 2.3 billion riyals.