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Saudi- Othaim Malls plans to issue riyal sukuk
(MENAFN- Arab News) DUBAI: Saudi Arabia's Al-Othaim Real Estate and Investment Co. owner of five shopping malls in the Kingdom has revived plans to issue a debut local currency Islamic bond probably after the summer two sources aware of the matter said on Tuesday.
Also known as Othaim Malls the firm has picked the investment banking arms of Banque Saudi Fransi Gulf International Bank and National Commercial Bank as lead arrangers for the riyal-denominated bond or sukuk the sources said speaking on condition of anonymity as the information isn't public.
Othaim Malls is part of Al-Othaim Holding a family-owned conglomerate which includes listed food retailer Abdullah Al-Othaim Markets Co. Othaim Malls couldn't be reached for comment.
The awarding of the mandate to the three banks revives a process which had been expected to lead to an issue last year.
Sources told Reuters in June 2014 that Deutsche Bank had been working with Saudi Fransi Capital to plan the deal.
Also known as Othaim Malls the firm has picked the investment banking arms of Banque Saudi Fransi Gulf International Bank and National Commercial Bank as lead arrangers for the riyal-denominated bond or sukuk the sources said speaking on condition of anonymity as the information isn't public.
Othaim Malls is part of Al-Othaim Holding a family-owned conglomerate which includes listed food retailer Abdullah Al-Othaim Markets Co. Othaim Malls couldn't be reached for comment.
The awarding of the mandate to the three banks revives a process which had been expected to lead to an issue last year.
Sources told Reuters in June 2014 that Deutsche Bank had been working with Saudi Fransi Capital to plan the deal.
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