Saudi Alhokair to issue USD266m sukuk

(MENAFN) Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co. said it will issue a riyal-denominated sukuk, and is expected to sign USD266.6 million loan, according to Arab News. The company, which is a Saudi Arabian retailer which franchises brands such as Zara and Marks and Spencer in the Kingdom, plans to hold meetings with local investors starting from next Tuesday to discuss its potential to issue the Islamic bond. The company was also close to signing an agreement with a group of banks for a loan worth USD266 million. The loan would be used to repay most of its existing loans and also to finance the company's expansion.