Riyadh – Mubasher: Savola Group on Tuesday announced that it had raised SAR 1 billion ($267 million) in sukuk, according to Reuters.

Arranged by HSBC’s Saudi unit, the sukuk sales offered investors a profit rate equivalent to 160 basis points over the 6-month Saudi interbank offered rate.

The offering was oversubscribed by over 1.6 times, Reuters reported, citing Savola’s spokesman.

In May, Savola Group reported SAR 6.3 million ($1.68 million) profit during the first quarter of 2019.