RIYADH, SAUDI ARABIA – National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk issue from US$26 million (SAR 100 million) to US$133 million (SAR 500 million).
The move aims to boost the company’s capital expansions and working capital, the company said in a statement to Tadawul on Thursday.
The sukuk issue was amended from a private placement to a public offering, the company said.
It added that the sukuk will be issued to natural and legal persons who are entitled to subscribe from the Kingdom or in any jurisdiction where the sukuk issue is legal.
The basic sukuk prospectus will be published after being officially approved by the relevant authorities.