Cenomi Retail EGM nods to maintaining non-core brand sale program

Logo of Fawaz Abdulaziz Alhokair Co. (Cenomi Retail)

Shareholders of Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) approved on Oct. 21 the board's recommendation for the company to push ahead with its program of selling non-core brands.

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In a statement to Tadawul, the company said that the board was authorized to take any actions necessary for offsetting accumulated losses.

Cenomi Retail’s board of directors recently decided to scrap capital reduction plans.

The company will rather proceed with a cost control and performance improvement program and continue selling non-core brands, while evaluating the financial impact expected from the potential material developments of the transaction.

Last August, Cenomi Retail said it entered in talks with a leading international fashion retailer for a potentially significant merger transaction involving certain fashion brands.