Riyadh – Mubasher: Saudi Arabia’s Almarai Co on Wednesday said it completed issuing SAR 1.875 billion ($500 million) US dollar-denominated sukuk under the fixed rate RegS Senior system.

The food and beverage firm issued 2,500 sukuk, while the par value for each note amounts to SAR 750,000 ($200,000), according to a statement to the Saudi Stock Exchange (Tadawul).

The five-year Islamic bonds issue has a yield of 4.31%, the Gulf's largest dairy company noted. 

The sukuk will be listed on the Irish Stock Exchange (Euronext Dublin), the statement added. 

On Tuesday, the Tadawul-listed firm began the sukuk issue.

On 19 February, Almarai stated that it would meet with a number of investors to issue US dollar-denominated sukuk that will be under the fixed rate RegS Senior system, while Moody's Investors Service assigned a (P)Baa3 senior unsecured rating to the potential sukuk issuance.

By 12:55 pm Saudi time, Almarai Co’s stock levelled down 1.45% to SAR 54.20.