Food Development Business intends to issue Murabaha Sukuk denominated in Saudi Riyals

The Food Development Business Company announced its intention to issue Murabaha sukuk denominated in Saudi riyals, and to offer them through the platform of the Dinar Investment Company.

The company said in a statement on “Tadawul Saudi Arabia”, today, Monday, that it intends to register and offer Murabaha sukuk denominated in Saudi riyals, according to the program to issue sukuk to finance working capital and the company’s capital expansions.

It added that it had appointed Dinar Investment Company as the sole arranging manager, for the purposes of establishing the program and issuing and offering sukuk under it.

She explained that the offering value will be determined at a later time based on market conditions at that time.

She indicated that the issuance of sukuk is conditional on the approval of the Capital Market Authority on the company’s request to register and offer sukuk under the program. Dinar Investment Company approved the request to offer sukuk on the Dinar platform.