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Wed 25 Jun 2014 12:08 PM

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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

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

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.