Cenomi Centers, Cenomi Retail clarify ownership in FAS Finance

Logo of Cenomi

Arabian Centres Co. (Cenomi Centers) and Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) said they will hold a 65% stake in FAS Finance, which was licensed, on July 25, by the Saudi Central Bank (SAMA), to provide digital consumer microfinance solutions through their equally-owned FAS Labs venture.

In two separate statements on Tadawul, the companies noted that they will each hold a 32.5% stake in FAS Finance.

On July 25, SAMA announced licensing FAS Finance to provide digital consumer microfinance solutions.

FAS Finance, wholly-owned by FAS Labs, has a capital of SAR 55 million. The equally-owned joint venture between Cenomi Centers and Cenomi Retail aims to achieve joint digital initiatives of both companies, which includes providing shoppers with a specialized loyalty program and simplified consumer financing solutions.