(MENAFN) Saudi dairy and food producer Almarai Company unveiled plans to issue the second tranche of a riyal-denominated sukuk programme in the coming months to private investors, Reuters reported.
The company said the second tranche of sukuk will be a private offering to sophisticated investors resident in Saudi Arabia.
Almarai raised USD266.6 million through the first tranche in March in a deal which was 4.7 times oversubscribed.
The cash proceeds were used to finance Almarai's USD4.2 billion expansion investment programme by 2017.
The company reported a 4.7 percent increase in third-quarter profit. However, it did not meet analysts forecasts as higher commodity prices and expansion costs ate into earnings.
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