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24/01/2018 17:51 AST
Ma'aden Phosphate Co (MPC), a subsidiary of Saudi Arabian Mining Co (Ma'aden), has hired banks to arrange a riyal-denominated sukuk issue, according to documents seen by Reuters, including the sukuk prospectus.
The company, which owns and operates one of the largest phosphate fertiliser plants in the world, plans to launch the deal in the first week of February, depending on investors' interest.
According to a source close to the matter, the sukuk will be in the 4 billion riyal ($1.1 billion) region.
BNP Paribas Investment Co KSA, HSBC Saudi Arabia and NCB Capital are lead-managing the deal, with NCB coordinating it. The Islamic bonds, with a hybrid mudaraba and murabaha structure, will have a seven-year tenor.
A spokesman at Ma'aden did not immediately respond to a request for comment.
MPC is a joint venture between Ma'aden, which owns 70 percent, and petrochemical producer Saudi Basic Industries Corp (SABIC), which owns the remaining 30 percent.
The company will use the sukuk proceeds for general corporate purposes including repayment of existing sharia-compliant financial obligations.
MPC borrowed $4 billion in project finance facilities in 2010 as part of some $5.5 billion in project costs for its facilities. It repaid around $1 billion between 2013 and 2015, and in early 2016 the company refinanced the existing debt with a $3 billion unsecured Islamic loan.
Its current outstanding debt stands at $2.7 billion, according to a presentation by the company.
Reuters
08/03/2025
Saudi Arabian Mining Co. (Ma'aden), the Middle East's largest multi-commodity mining company, reported a net profit of SAR2.87 billion ($765 million) for the fourth quarter and full year 2024, up 82%
Asharq Al Awsat
21/11/2017
The Ma'aden Phosphate Company (MPC), an affiliate of Ma'aden, has been awarded the "Protect and Sustain Certification" from the International Fertilizer Association (IFA). The certificate was present
Saudi Gazette
27/10/2017
Zamil Industrial Investment Company (Zamil Industrial) has announced its consolidated interim financial results for the period ending 30 September 2017.
Revenues for the third quarter of 2017
Press Release
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| SABIC | 62.00 | 0.80 (1.30 |
| SABICAGRINUTRIENTS | 103.20 | -0.40 (-0.39 |
| MARBLEDESIGN | 76.00 | -0.70 (-0.92 |
| LIMEINDUSTRIES | 12.86 | 0.64 (5.23 |
| APICO | 53.00 | 2.00 (3.92 |
26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
Financial Information Co.
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