Mayar Holding Co. announces intention to issue Offering a 24-month Murabaha Sukuk program denominated in Saudi Riyals and Convertible through Afaq Financial Company.
- Date: 30-May-2024
- Source: Mubasher
- Sector:Financial Markets
- Country:Saudi Arabia
Mayar Holding Co. announces intention to issue Offering a 24-month Murabaha Sukuk program denominated in Saudi Riyals and Convertible through Afaq Financial Company.
Element List
Explanation
Introduction
Mayar Holding Company announces its intention to issue sukuks denominated in Saudi riyals through a program amounting to 500 million Saudi riyals for the purposes of financing the company’s working capital and capital expansions. The company also appointed Afaq Financial Company as the exclusive financial advisor for the purposes of establishing the program and issuing and offering sukuks under it.
Offer Type
Offering a 24-month Murabaha Sukuk program denominated in Saudi Riyals and Convertible through Afaq Financial Company.
Date of the board’s decision
2024-05-29 Corresponding to 1445-11-21
Value of the offer
500 million Saudi riyals in several issues and determined at a later date based on market conditions at the time and subject to conversion
The Purpose of the offer
Enhancing working capital and capital expansions of the company
Approvals
The offering of the Sukuk is conditional on the Capital Market Authority’s approval of the company’s request to register and offer the Sukuk program as a public offering in accordance with the terms of the program.
Additional Information
The basic prospectus for the Sukuks will be