Cenomi Centers shareholders to vote on setting up SAR 4.5 bln sukuk program on Jan. 24

Logo of Cenomi Centers

Arabian Centres Co.’s (Cenomi Centers) shareholders will vote on setting up a Shariah-compliant sukuk program worth up to SAR 4.5 billion, valid for two years from the issuance date, during an extraordinary general meeting (EGM) slated for Jan. 24, according to a Tadawul statement.

The sukuk will be rolled out sporadically over single or multiple issuances into the local market. This is in line with Cenomi Centers’ long-term strategy to tap flexible and unsecured finance options, the statement added.

The board was granted general and unconditional powers to take all necessary actions or procedures, either directly or by way of delegation, to adopt any resolution, take any action and negotiate, as well as approve and enter into any agreement, deed or another document as deemed essential to implement this program.

Meanwhile, the board, without reverting to the general assembly, will decide the number and value of any sukuk to be offered as well as the issuance timings, as per the market conditions and the company’s financial stance at the time.