Cenomi Centers EGM to vote on SAR 3.75B sukuk issuance on March 23

Logo of Arabian Centres Co. (Cenomi Centers)

Arabian Centres Co. (Cenomi Centers) extraordinary general meeting (EGM) will vote on March 23 on a Shariah-compliant sukuk issuance worth up to SAR 3.75 billion (or its equivalent in other currencies, as determined by the board at its discretion).

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In a statement to Tadawul today, Feb. 20, the company said the sukuk could be issued through a domestic/international private placement.

The issuance may be structured as a standalone offering or under a sukuk program, subject to periodic updates or additions, in a single or multiple issuances.

It could also be issued via a special purpose vehicle (SPV) in an offshore jurisdiction or directly by the company, in line with its long-term strategy to secure more flexible and unsecured funding. The issuance will be subject to terms approved by the board.

The board will be granted broad and unconditional authority to take all necessary actions, either directly or via delegation.

This includes decision-making, conducting negotiations, and approving and executing agreements, instruments, or documents required for the sukuk issuance.

The board will also determine the number, value, and pricing of the sukuk, as well as the issuance date, based on market conditions and the company’s financial position, without further shareholder approval.

The SAR 3.75 billion consideration required for the issuance will be claimed via any remaining amount from the previously approved sukuk ceiling under the EGM resolution dated Jan. 9, 2024.

Following the completion of the 2024 sukuk issuances, the total amount issued under this authorization, along with any unused balance from the January 2024 approval, will not exceed SAR 3.75 billion.