Cenomi Centers shareholders approve SAR 4.5 bln sukuk program

Logo of Cenomi Centers

Shareholders of Arabian Centres Co. (Cenomi Centers) approved establishing a Shariah-compliant sukuk program up to SAR 4.5 billion, for a period of two years from the establishment date.

The shareholders’ decision came during the extraordinary general meeting (EGM) held on Jan. 24, the company said in a statement to Tadawul.

The sukuk will be issued time to time domestically, in single or multiple issuances, in accordance with the company’s long-term policy to move it to more flexible, unsecured public markets financing.

The board of directors will be granted general and unconditional authority to take all necessary actions or procedures, either directly or by way of delegation, to adopt any resolution, take any action and negotiate, approve and enter into any agreement, deed or another document as may be necessary to implement this program, the statement noted.

The board also has the authority to decide the number and value of any sukuk to be offered, and the timing of any issuance, based on market conditions and the company’s financial condition, without reverting to the shareholders.