DUBAI, Sept 4 (Reuters) - Saudi Arabian dairy producerAlmarai Co has mandated four banks to arrange the saleof a 1.7 billion riyals ($453.3 million) Islamic hybrid bond, orsukuk, the company said on Wednesday.
The Gulf's largest dairy firm has mandated the investmentbanking arm of Banque Saudi Fransi, BNP Paribas, HSBC's Saudi Arabian unit and StandardChartered to hold investor meetings during the next twoweeks, it said in a statement posted on the Saudi bourse.
The issue will have a perpetual maturity, meaning that thecompany can count the proceeds towards its equity position. Itis Almarai's first such issue and one of the first ever hybridbonds from a Saudi corporate.
The offering, part of a 15.7 billion riyal 5-year capitalfunding program, will be denominated in Saudi riyals and sold to sophisticated investors residing in the Kingdom of SaudiArabia.