Saudi news

Shareholders of “Sinomy Centers” agree to establish a sukuk program worth 4.5 billion riyals

The Arabian Centers Company “Sinomy Centers” announced the shareholders’ approval during the extraordinary general assembly meeting to establish the Arabian Centers Company for a Sharia-compliant sukuk program amounting to a total of 4.5 billion riyals, with a period of up to two years from the date of incorporation.

The company said, in a statement on “Tadawul Saudi Arabia”, today, that sukuk will be issued under this program from time to time in the local market through a single issuance process or several issues, according to the long-term policy adopted by the company to obtain financing through more markets. Flexible and not guaranteed.

The approval includes granting the Board of Directors general and unconditional powers to take all necessary actions, either directly or through delegation, to take any decision, conduct any negotiation, agree to enter into any agreement, bond or other document that may be necessary to implement this program, and to take the decision Regarding the number and value of any sukuk that will be offered, and the timing of any sukuk issuance, based on the market conditions and the company’s financial conditions, without referring to the general assembly of shareholders.

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