Alhokair completes SR500m debut sukuk

DUBAI: Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co. has completed a SR500 million ($133 million), five-year sukuk issue, its first issue of an Islamic bond, the company said in a bourse filing.
Alhokair, which franchises brands such as Zara and Marks and Spencer in the Kingdom, did not give the pricing of the sukuk, which was sold in a private placement to investors in Saudi Arabia.
In late May, the company said it was also close to signing an agreement with a group of banks for a loan worth SR1 billion to repay existing loans and finance expansion. Samba Financial Group's investment banking arm arranged the sukuk sale.