Arabian Centres’ shareholders to vote on issuing $1 bln sukuk on March 16

Arabian Centres Co. invited its shareholders to attend the extraordinary general assembly meeting on March 16, 2020, to vote on the issuance of Sharia compliant sukuk of up to $1 billion or its equivalent in any other relevant currency.

The sukuk may be issued from time to time either domestically and/or internationally in a single or multiple issuances, in accordance with the company’s long-term policy to move to more flexible, unsecured public markets financing, the firm said in a bourse statement on Sunday.

Shareholders will also vote on granting the board of directors’ general and unconditional authority to take all necessary actions or procedures, to implement this transaction, and decide the number, value and timing of the sukuk based on market conditions, the statement added.