Riyadh — Mubasher: Mayar Holding Company announced that the Capital Market Authority (CMA) rejected its application to register and offer a public issuance of debt instruments.

The proposed SAR 500 million convertible Sukuk program was intended to be issued in several tranches over a period of 24 months.

The company received notification of the decision from its financial advisor, Afaq Capital, following a board resolution by the CMA issued on 3 August 2026, according to a bourse filing.

The rejection concludes a process that began on 30 May 2024, when the company first announced its intention to establish the program.

Shareholders had previously approved the issuance of the SAR 500 million nominal value convertible Sukuk during an extraordinary general assembly meeting held on 3 July 2024.

Mayar Holding formally submitted the offering file to the CMA on 7 September 2024.

Despite the long-standing proposal, the regulator’s Financing and Investment Agency, specifically the Sukuk and Debt Instruments Department, ultimately declined the request for the public offering.

In July 2026, Mayar Holding said that its subsidiary commenced the commercial production at its manufacturing facility after obtaining all necessary regulatory approvals.