Saudi Electricity plans sukuk

13 April 2010

Ali Saleh al-Barrak, chief executive of Saudi Electricity, has said he is confident the state-controlled utility will raise up to SR7bn ($1.9bn) from an Islamic bond next month to fund expansion, even without a government guarantee, Reuters has reported. 'The amount that we plan to raise stands at between 5 billion and 7 billion riyals but we have not fixed it yet, pending the exact identification of the needs,' Barrak told the news service.

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