Saudi retailer, Fawaz Abdulaziz Alhokair Co has announced plans to issue a debut riyal-denominated Islamic bond, Reuters has reported. The firm, which franchises brands such as Zara and Marks and Spencer in the kingdom, said it will begin meeting local investors on Tuesday ahead of a potential issuing of the sukuk. Alhokair also said it is close to signing an agreement with a group of banks for a SR1bn loan that will be used to repay most of its existing loans, as well as financing the company’s expansion. The company operates across 20 markets, predominantly in the Middle East and Commonwealth of Independent States, and has been expanding both on its own and through acquisitions, including the purchase of Spanish clothing brand Blanco earlier this year.
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