UPDATE 2-Saudi Arabia's Savola issues 1 bln riyals sukuk - Reuters:
Savola Group, Saudi Arabia’s largest food products company, confirmed on Tuesday it had raised 1 billion riyals ($267 million) in sukuk, or Islamic bonds, in a deal arranged by the Saudi arm of HSBC.
Savola made the deal public in a bourse filing, confirming what sources familiar with the matter had earlier told Reuters.
Savola and other consumer goods companies in Saudi Arabia are suffering from the effects of subsidy cuts, the introduction of VAT sales tax and an exodus of expatriates, which have all put pressure on consumer spending.
No comments:
Post a Comment