Mayar to vote on issuing SAR-denominated convertible sukuk on July 3

Logo of Mayar Holding Co.

Mayar Holding Co.’s shareholders will vote on the board of directors’ recommendation to issue SAR-denominated financial instruments convertible into shares, with a nominal value of SAR 500 million, through a 24-month program, during the extraordinary general meeting (EGM) scheduled for July 3, according to a statement to Tadawul.

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

The board of directors will be authorized to determine the return of the sukuk that will be issued and the conversion price in addition to any other relevant terms.