Saudi's Najran Cement sells SAR400m through an Islamic bond

Saudi Arabia’s Najran Cement has raised SAR400m (US$106.7m) through an Islamic bond of five years duration, it said in a statement on Sunday.

The sukuk was privately placed with investors and was priced at 1.4 per cent over the three-month Saudi interbank offered rate (Saibor), the firm said in a stock market filing.

In May, Najran Cement said it would issue a riyal-denominated sukuk which will be used to refinance debt and for general purposes.

Saudi Fransi Capital, the investment banking arm of Banque Saudi Fransi, was the sole lead manager for the transaction.