Utility begins sukuk roadshow

Saudi Electricity, the Gulf's largest utility by market value, on Saturday began a roadshow for its second Islamic bond issue, which bankers expect will raise up to seven billion riyals ($1.87 billion).

Bourse regulator the Capital Market Authority (CMA) said last week it had approved the issuance of the sukuk over the June 13-28 period. It did not elaborate.

Ali Al Barrak, Electricity's chief executive, said last week the state-controlled firm would raise about five billion riyals from the issue.