Mayar Holding submits a request for approval of a 500 million riyal sukuk program

Mayar Holding Company has submitted a request to the Capital Market Authority to obtain its approval to issue a convertible sukuk program denominated in Saudi riyals, with a total value of up to 500 million riyals for a period of 24 months. The company announced on May 30, via the Saudi Stock Exchange website, the recommendation of its Board of Directors to issue these sukuks to finance working capital and capital expansions. 

The Extraordinary General Assembly approved on July 3, 2024, the Board of Directors’ recommendation to issue convertible sukuks into shares, with a nominal value of 500 million riyals, through a program extending over 24 months, through which the sukuks will be issued in separate forms and offered on the Saudi Stock Exchange after obtaining the required approvals and licenses.