Shareholders will be asked to approve the company's bond issue programme, and to authorise its board of directors to issue the sukuk, once all regulatory approvals are in place.

No timeframe or further details of the bond issuance were given.

The dairy firm made 349.2 million riyals ($93.12 million) during the second quarter. It has plans to invest 4 billion riyals ($1.1 billion) in the poultry sector.

Almarai shares are over 20 percent down so far this year on the Saudi bourse after ending the previous year 35 percent higher.