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Mayar Holding Co. Announces an update on Mayar Holding Co. Announces an update on Mayar Holding Co announced its intention to issue a convertible sukuk program denominated in Saudi riyals, with a size of 500 million Saudi riyals - in several issues - for a period of (24) months.
| Element List | Explanation |
|---|---|
| Introduction | With reference to Mayar Holding Company’s previous announcement regarding the latest developments in relation to its earlier announcement of the Company’s intention to establish a SAR-denominated Convertible Sukuk Program with a total size of SAR 500 million, to be issued in multiple tranches over a period of 24 months. Mayar Holding Company announces that it has received a notification from the financial advisor to the Sukuk Program (Afaq Financial Company) confirming receipt of a notification from the Capital Market Authority (CMA) (Financing and Investment Agency / Debt Instruments and Sukuk Department), stating that the CMA Board of Commissioners, pursuant to its resolution dated 20/02/1448H, corresponding to 03/08/2026, has resolved not to approve Mayar Holding Company’s application for the registration and public offering of debt instruments. |
| Previous Announcement | Mayar Holding Co. Announces an update on Mayar Holding Co announced its intention to issue a convertible sukuk program denominated in Saudi riyals, with a size of 500 million Saudi riyals - in several issues - for a period of (24) months. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-09-08 Corresponding to 1446-03-05 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Mayar Holding Company announces that it has received a notification from the financial advisor to the Sukuk Program (Afaq Financial Company) confirming receipt of a notification from the Capital Market Authority (Financing and Investment Agency / Debt Instruments and Sukuk Department) stating that the CMA Board of Commissioners, pursuant to its resolution dated 20/02/1448H, corresponding to 03/08/2026, has resolved not to approve the Company’s application for the registration and public offering of debt instruments. |
| Reasons For The Delay on The Date of The Event Previously Announced | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Delay consequences on the Company’s financial results | N/A |
| Additional Information | The Company would like to draw the attention of its valued shareholders to the fact that it had previously announced, on 30/05/2024, its intention to establish a SAR-denominated Convertible Sukuk Program with a total size of SAR 500 million. Subsequently, the Extraordinary General Assembly, held on 03/07/2024, approved the Board of Directors’ recommendation to issue convertible financing sukuk with a total nominal value of SAR 500 million, convertible into shares. Accordingly, the Company submitted the application file offering to the Capital Market Authority on 07/09/2024. and subsequently received the CMA’s decision not approving the application on 05/08/2026. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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