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Saudi developer Dar Al-Arkan eyes bonus share sukuk

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Thursday, 04 September 2008

The board of Dar al-Arkan Real Estate Development Co, the largest Saudi developer by market value, has proposed to issue one-for-three bonus shares to existing stockholders, the company said on Wednesday.

The issue of 180 million shares worth 1.8 billion riyals ($480 million), which will raise Arkan's capital by 33.3 percent to 7.2 billion riyals, will be funded from profits, the company said in a statement on the bourse website.

The board also proposed to ask shareholders to approve a plan to issue local or international Islamic bonds, or sukuk. It gave no financial details of the plan.

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Dar al-Arkan posted a 44.9 percent rise in second-quarter profit to 687.53 million riyals, beating a forecast, as sales growth picked up pace amid growing demand for property in the world's top oil exporter.

Dar al-Arkan sold $1 billion worth of five-year sukuk last year. (Reuters)

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