“Food Development Business” sets the start date for issuing Murabaha sukuk denominated in Saudi riyals

The Food Development Business Company has announced the start date for offering Murabaha sukuk denominated in Saudi riyals and the subscription period for institutions and individuals, from January 29 to February 18, 2023.

The company said in a statement on “Tadawul Saudi Arabia”, today, Thursday, that the value of the total offering for the first group of issues has been determined at 5 million riyals, noting that the value will be finally determined after the completion of the offering period and based on the market conditions at that time.

She added that the sukuk will be offered to natural and legal persons who are entitled to subscribe to sukuk inside Saudi Arabia.

The Food Development Business Company appointed Dinar Investment Company as the sole arrangement manager.

She explained that the minimum subscription is one instrument, with a nominal value of 1,000 riyals.

She indicated that the maturity period of the (sukuk/bond) varies according to the periods of issuance, starting from three months to one Gregorian year.