Riyadh-Mubasher: Almarai, the Gulf’s biggest dairy company, said it plans to issue senior sukuk denominated in the Saudi riyal at a total value of up to SAR 2 billion.

The issuance is subject to the market conditions, the company said in a bourse statement on Tuesday.

Accordingly, Almarai’s total sukuk issuances will equal its capital of SAR 6 billion, in line with the approval of the extraordinary general meeting held in September 2013.

Subject to market conditions, Almarai will hold several meetings with interested investors as of this week.

The Tadawul-listed company has appointed HSBC Saudi Arabia and Samba Capital & Investment Management to act as joint lead managers.