Mayar requests CMA approval for SAR-denominated convertible sukuk

Logo of Mayar Holding Co.

Mayar Holding Co. submitted a request, on Sept. 7, to the Capital Market Authority (CMA) for approval to issue a SAR 500 million convertible sukuk program, with a 24-month duration.

In a statement to Tadawul, the company said it will announce any relevant future developments in due course.

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According to data available on Argaam, Mayar's shareholders approved in July 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,