Saudi Arabia-based Savola Group’s board of directors has given its approval for the company to establish a Sukuk programme. The approval for the Sukuk programme was received yesterday (15 December), according to a filing on the Saudi bourse. “The company will be enabled to issue Sukuk through one or more tranches or a series of issues in an amount that does not exceed the Company’s paid-up capital,” said the filing.
“The board has also authorised the company’s Managing Director to issue Sukuk under the programme and to take and complete all the necessary actions in this respect,” it added………………………………………..Full Article: Source