Cenomi Retail shareholders to vote on non-core brand sale program on Oct. 21

Logo of Fawaz Abdulaziz Alhokair Co. (Cenomi Retail)

Fawaz Abdulaziz Alhokair Co.’s (Cenomi Retail) extraordinary general meeting (EGM) will convene on Oct. 21 to vote on the board's recommendation for the company to continue with its program of selling non-core brands.

In a statement to Tadawul, the company said the EGM will also vote on authorizing the board to take any necessary actions to address accumulated losses.

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All shareholders registered in the company’s shareholder registry with the Securities Depository Center Co. (Edaa) at the end of the trading session preceding the general assembly are entitled to attend the EGM, the company noted.

According to regulations, the right to register for attendance ends when the meeting convenes, and the right to vote on agenda items for attendees concludes once the counting committee finishes tallying the votes.

According to data available with Argaam, Cenomi Retail’s board recently recommended not to reduce the company’s capital. It will proceed with a cost control and performance improvement program and continue selling non-core brands while evaluating the financial impact expected from the potential significant developments of the transaction.