Siniora Food Industries issues $80 million bond

Amman, Jordan, March 12, 2024 /PRNewswire/ — On March 10, 2024Siniora Food Industries Company issued a five-year bond with a total face value of 80 million dollars. The bond, not convertible into shares, was issued at an annual interest rate (coupon) of 7.75%. The issue attracted a diverse group of investors, including local and regional banks, insurance companies and high net worth individuals, and was issued in conjunction with Capital Investments as the issue manager and Founders & Company as a financial advisor.

In his statement, Chairman of the Board of Directors of Siniora, Tarek Aggad, highlighted the benefits of issuing the bond, particularly in optimizing the company’s capital structure, saying: “This bond will strengthen the company’s capital structure and provide it with the necessary liquidity to enable it to make the capital investments necessary to execute its expansion strategy and increase its market share in promising regional markets, in line with its strategic objectives.

Aggad expressed his deepest gratitude to the investors who subscribed to the Siniora bond, adding that it is an important vote of confidence in the company. Aggad highlighted that there has always been remarkable interest in the Siniora bond underwriting process, which is particularly notable given the extremely challenging regional conditions. Aggad added that the issuance of a 80 million dollars link in Jordan at an interest rate of 7.75% – at par with the Jordanian government bond – is a testament to the company’s respected market position and strong financial performance.

Aggad expressed his gratitude to Capital Investments, represented by Chairman of the Board Bassem Khalil Al Salem, and Founders & Company, represented by CEO Ala Qumsieh, for their efforts alongside the APIC and Siniora teams to successfully complete the bond issue.

Siniora Food Industries is a publicly traded company on the Jordanian financial market, owner of the Siniora, Unium, Polonez and Al-Masa brands, and is a subsidiary of the Palestinian Arab Investment Company – APIC.

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SOURCE Siniora Food Industries Company