Published: January 23, 2013
Saudi industrial group raises SAR1.5bn in oversubscribed issuance.
Saudi industrial group Savola has raised SAR1.5bn (US$400mn) through a privately placed sukuk.
The deal is the company’s debut sukuk and the first tranche of a SAR5bn programme agreed by the listed company’s shareholders late last year.
In a statement on Saudi Arabia’s Tadawul exchange, Dr. Abdulraouf Mannaa, group managing director, confirmed that the paper had been placed with government entities, banks, insurance companies and mutual funds and attracted orders of some SAR4bn.