Saudi Electricity looks to bonds to expand

Saudi Electricity, the Gulf's largest utility firm by market value, will issue Islamic bonds that could be worth about 5 billion riyals ($1.33 billion) to help fund expansion, its top executive said on Sunday.

Bourse regulator, the Capital Market Authority (CMA), said earlier on Sunday that it has approved the issuance of the sukuk over the June 13-28 period. It did not elaborate.

The issue will be Saudi Electricity's second after it raised two years ago 5 billion riyals from its first Islamic bond, or sukuk.

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