Baker & McKenzie Acts for Almarai in Sukuk Issuance
March 30, 2012 – U.S. company Baker & McKenzie has acted for Almarai Company on the establishment of a $613.3 million (SR2.3 billion) sukuk program and inaugural issuance of a $266.7 million (SR1 billion) sukuk. A sukuk program effectively allows a company to raise money by launching sukuk into the market quickly and efficiently, and is ideal for issuers intending to access the market frequently and flexibly. The debut Sukuk issuance for Almarai Company was privately placed with Saudi investors who were not disclosed. London-based banking group HSBC arranged the issuance of the first sukuk.