AMMAN, Jordan, March 12, 2024 /PRNewswire/ — On March 10, 2024, Siniora Food Industries Company issued a five-year bond of a total nominal value of USD 80 million. The bond, which is not convertible into shares, was issued at an annual interest rate (coupon) of 7.75%. The issuance attracted a diverse group of investors, including local and regional banks, insurance companies, and high net worth individuals, and was issued in collaboration with Capital Investments as the issuance manager and Founders & Company as the financial advisor.
In his statement, Siniora Chairman of the Board Tarek Aggad highlighted the advantages of the bond’s issuance, 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 necessary capital investments to execute its expansion strategy and increase its market share in promising regional markets in line with its strategic objectives.”
Aggad extended his deepest appreciation to the investors who subscribed to the Siniora Bond, adding that it is an important vote of confidence in the company. Aggad noted that there has always been remarkable interest in the subscription process for Siniora bonds, which is particularly noteworthy given the extremely difficult regional conditions. Aggad went on to add that issuing an USD 80 million bond in Jordan at a 7.75% interest rate – at par with the Jordanian government bond – is a testament to the company’s respected market standing 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 in successfully completing the bond issuance.
Siniora Food Industries is a publicly listed company on the Jordanian financial market, and owner of the Siniora, Unium, Polonez, and Al-Masa brands, and is a subsidiary of the Arab Palestinian Investment Company – APIC.
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