Arabian Centers shareholders to vote on sukuk issuance Oct. 27

Arabian Centres Co.'s board of directors has invited shareholders to attend an extraordinary general assembly meeting on Oct. 27, the company said in a bourse statement.

Shareholders will vote on the issuance of sharia-compliant sukuk, either in local or any foreign currency, in line with their long term policy that aims to allow the company to a more flexible, unsecured market financing.

The move will also grant the company's board general and unconditional authority to take all necessary procedures, either directly or indirectly, to adopt any resolution, take any action, and enter into any agreement, deed or other document as may be necessary to implement this transaction.

The board will be also authorized to decide the number and value of any sukuk to be offered based on market conditions and the company’s financial situation, without reverting to shareholders.