Najran Cement completes SAR 400 mln sukuk issue

Najran Cement Co. has issued SAR 400 million in a Riyal-denominated sukuk which was offered by way of a private placement, the company said in a statement to Tadawul.

The Sharia-compliant bonds will have a five-year tenor, and the expected yield was set at 1.4 percent over the three-month Saudi interbank offered rate (Saibor).

Last month, Argaam reported on the cement producer’s intentions to issue the sukuk. The firm said earlier that proceeds would be used towards general corporate expenses and debt repayment.