Cenomi Centers shareholders to vote on SAR 3.75B sukuk issuance on Jan. 9

Logo of Arabian Centres Co. (Cenomi Centers)

Arabian Centres Co. (Cenomi Centers) shareholders will vote on approving the issuance and offering of Shariah-compliant sukuk at an aggregate principal amount of up to SAR 3.75 billion (or equivalent amount in any other currencies as may be determined by the company's board in their own discretion from time to time) at the extraordinary general assembly meeting scheduled on Jan. 9, the company said in a statement to Tadawul.

The sukuk may be issued on a private placement basis either domestically or internationally; either as a standalone sukuk issuance transaction or as an establishment of (together with any periodic updating and supplementing of) a sukuk issuance programme, and through a single or multiple issuances; and either through a special purpose vehicle incorporated in an offshore jurisdiction or directly by the company.

The sukuk comes in accordance with the company’s long-term policy to move to more flexible and unsecured financing.

Furthermore, Cenomi Centers’ board will be granted the general and unconditional authority to carry out all necessary actions or procedures, either directly or by way of delegation, in respect of any such sukuk offerings, and to adopt any decision, take any action and negotiate, approve and enter into any agreement, deed or another document as may be necessary to implement any such sukuk offerings.

The board will also decide the number, value and pricing of sukuk offered pursuant to any such sukuk offerings, and the timing of any such offerings, based on market conditions and the company’s financial condition, without reverting to the shareholders general assembly, the company said.