M&S Saudi franchise owner in $133m debut sukuk issue

Retailer Fawaz Abdulaziz Alhokair Co also is the partner in the kingdom for brands such as Zara, Topman, mango and Clarks

Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co has completed a SAR500m ($133m), five-year sukuk issue, its first issue of an Islamic bond, the company said in a bourse filing on Wednesday.

Alhokair, which franchises brands such as Zara and Marks and Spencer in the kingdom, did not give the pricing of the sukuk, which was sold in a private placement to investors in Saudi Arabia.

In late May, the company said it was also close to signing an agreement with a group of banks for a loan worth 1 billion riyals to repay existing loans and finance expansion.

Samba Financial Group's investment banking arm arranged the sukuk sale.

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