Almarai sells $347m Islamic bond

Saudi Arabian dairy and food producer Almarai Co has completed the sale of a SR1.3 billion ($346.7 million) Islamic bond, or sukuk, the company said in a bourse filing on Monday.

The issue, which has a floating interest rate, attracted orders worth SR2.4 billion from institutional investors inside Saudi Arabia, the statement said. The interest rate was not specified.

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