Mayar plans SAR 500M convertible sukuk issuance

Mayar Holding Co.’s board of directors recommended on May 29 issuing SAR 500 million worth of sukuk for 24 months.

The company aims to finance working capital and capital expansions, Mayar said in a statement to Tadawul.

The issuance will be in several tranches, to be determined later based on market conditions.

The sukuk issuance is subject to the approval of the Capital Market Authority (CMA).

Mayar added that sukuk prospectus will be announced upon issuance once official approvals are received from the relevant authorities.

It urged investors to read the prospectus carefully before making any investment decision.

This announcement does not constitute an invitation or offer to buy, hold or subscribe for any securities. The company will announce any other fundamental developments in a timely manner in accordance with the relevant laws and regulations.