National Building board approves increasing Murabaha sukuk issue to SAR 500 mln

Logo of National Building and Marketing Co.

National Building and Marketing Co.’s (NBM) board of directors approved, on Nov. 16, to increase Murabaha SAR-denominated sukuk issue from SAR 100 million to SAR 500 million.

The move aims to boost the company's capital expansions and working capital, the company said in a statement to Tadawul today, Nov. 16.

The sukuk issue was amended from a private placement to a public offering, the company said. It added that the sukuk will be issued to natural and legal persons who are entitled to subscribe from the Kingdom or in any jurisdiction where the sukuk issue is legal.

The basic sukuk prospectus will be published after being officially approved by the relevant authorities.

NBM board of directors approved, on Feb. 19, to issue Murabaha SAR-denominated sukuk, under the sukuk program, and appointed Afaq Capital as financial advisor on the offering, according to data available with Argaam.