Riyadh, Saudi Arabia — Saudi Arabian food and beverages company Almarai has raised $750 million from the sale of dollar-denominated trust certificates with an annual return of 5.23 percent.
Almarai told Tadawul in a statement that the certificates will be listed on the Irish Stock Exchange under Euronext Dublin. The 3,750 certificates sold has a par value of $200,000.
The certificates were issued under the $200 million Trust Certificate Issuance Program updated by the company on July 14.Â
The company had mandated Citigroup, Dubai Islamic Bank, HSBC, J.P. Morgan and Standard Chartered Bank as joint lead managers for the purposes of the offering of the Trust Certificates, Almarai said in a Tadawul statement.
Almarai reported a net profit of SAR 1.19 billion ($317 million) in H1 2023, up 27 percent compared to SAR940.8 million a year earlier.
The higher earnings were driven by an 8 percent rise year-on-year (YoY) in revenue and a 27 percent increase YoY in operating profit.
The first-half results were also lifted by Almarai’s full acquisition of International Dairy and Juice Limited (IDJ) despite higher finance costs.