Saudi’s Alhokair Completes SAR500m Debut Sukuk Issue

Alhokair did not give the pricing of the sukuk, which was sold in a private placement to investors in Saudi Arabia.



Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co has completed a 500 million riyal ($133 million), five-year sukuk issue, its first issue of an Islamic bond, the company said in a bourse filing on Wednesday.

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 SAR1 billion to repay existing loans and finance expansion.

Samba Financial Group’s investment banking arm arranged the sukuk sale.