Mayar EGM OKs issuing SAR 500M convertible sukuk

Logo of Mayar Holding Co.

Mayar Holding Co.’s shareholders approved the board of directors’ recommendation to issue financial instruments convertible into shares with a nominal value of SAR 500 million, during the extraordinary general meeting (EGM) held on July 3, according to a statement to Tadawul.

The sukuk will be issued through a 24-month program that will include a series of separate issues to be publicly offered in the Saudi market after obtaining all the necessary approvals, provided that the maximum value of new shares is SAR 1 billion with a nominal value of SAR 0.50.

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The board of directors was authorized to determine the return of the sukuk, the conversion price and any other relevant terms.