Saudi Arabia's Savola plans riyal sukuk issue - Reuters:
Savola Group, Saudi Arabia’s largest food products company, said on Thursday it plans to issue sukuk denominated in Saudi riyals, as part of a sukuk programme of up to 5.3 billion riyals ($1.41 billion).
The company said it will issue the sukuk, or Islamic bonds, to back the company’s financial and strategic needs.
Savola and other consumer goods companies in Saudi Arabia are suffering from the effects of subsidy cuts, the introduction of VAT and an exodus of expatriates which have all put pressure on consumer spending.
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