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Firm completes sale of sukuk

DUBAI: Saudi Binladin Group, one of the largest construction firms in the kingdom, has completed a one-billion-riyal ($266.7 million) Islamic bond sale, two bankers familiar with the matter said yesterday.

The transaction, structured as a sukuk al murabaha, has a one-year lifespan and pays a profit rate of 2.5 per cent.

Binladin Group was not immediately available for comment.

Sources said last month that BNP Paribas and the investment banking arm of Gulf International Bank were marketing a deal for Binladin Group to Saudi investors, with proceeds to be used to fund its projects.

The sukuk sale is the fourth carrying a 364-day tenor. The last, a 1bn riyal ($266.7m) offering, was completed in August, with previous deals in July 2010 and July 2011.



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