The company plans to sell the bonds in the next 12 months to diversify its funding sources and to invest in facilities, overseas farms and its distribution network, Chief Financial Officer Paul-Louis Gay told reporters in Riyadh today. The debt may be an Islamic bond or a hybrid sukuk, he said.
Almarai, Saudi Arabia's largest food producer, said in April it raised 1.3 billion riyals ($347 million) from the private placement of Islamic bonds with investors in Saudi Arabia. The sale was part of a 2.3 billion-riyal sukuk program it set up last year. Almarai has a 15.7 billion-riyal, five-year investment program to boost output and develop products.
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