The Saudi Capital Market Authority (CMA) has granted permission to Saudi Basic Industries Corp. (SABIC) to increase the size of its sukuk (Islamic bonds) by almost SR3 bln. The CMA had earlier issued a license to SABIC to issue sukuk, fixing the upper limit at SR5 bln; but has now raised the limit up to SR8 bln. The Shariah-compliant sukuk will be available to investors in the GCC and Saudi Arabia.
SABIC has mandated HSBC Saudi Arabia Limited and Riyad Bank as lead managers and book runners for the sukuk issuance.
23-Jul-07 
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