JEDDAH, Saudi Arabia, March 11 (Reuters) - Saudi Arabia’s Almarai Co, the Gulf’s biggest dairy firm by market value, raised 1 billion riyals ($266.6 million) through a sukuk, or Islamic bond, issue on March 7, the firm said in a bourse statement on Sunday.
“Almarai successfully issued sukuk for 1 billion riyals on March 7, 2012. The orders reached 4.7 billion riyals, 4.7 times oversubscribed,” the statement said.
It is the first time that Almarai has issued public debt, having begun roadshows for the offering last month.
HSBC Saudi Arabia was the arranger of the sukuk. ($1 = 3.7505 Saudi riyals) (Reporting by Asma Alsharif; Editing by David French)