Riyadh – Mubasher: The shareholders of Arabian Centres Company (Cenomi Centers) approved the establishment of a Sharia-aligned Sukuk Programme for two years, effective from the launch date.

The Sukuk programme will hold a value of up to SAR 4.50 billion that would be issued locally through a single or multiple issuances, according to a bourse disclosure.

Through this Sukuk offering process, Cenomi Centers will work on shifting to more flexible, unsecured public markets financing.

Cenomi Centers’ equityholders, meanwhile, authorised the board members to decide the volume and value of any Sukuk notes that will be offered. The board will also determine the timing of any issuances based on market conditions and the firm’s financial position, without reverting to the general assembly of the shareholders.

It is worth noting that the above decisions were made during the extraordinary general meeting on 24 January 2023.

The board recently decided to distribute cash dividends worth SAR 356.25 million for the first half (H1) of fiscal year (FY) 2022/2023. The distribution date was set as 12 February this year.

Last December, Cenomi Centers, along with Fawaz Abdulaziz Alhokair Company and Fawaz Alhokair Fashion Retail Company, were rebranded to Cenomi.