The Clap
Cenomi Centers, Arabian Centres Company (4321), plans to issue international Sukuk compliant with Islamic Sharia principles in US dollars.
What
The company, which is the “largest shopping center operator” in the Kingdom, stated that the number and value of the “planned sukuk issuance” will be determined based on market conditions as well as its financial and strategic needs.
So what
The planned issuance is part of Cenomi Centers’ general business purposes and aims to meet the company’s financial and strategic needs, including refinancing some existing obligations.
Now What
The company has offered to buy back all or any of its outstanding sukuk, amounting to $500 million, which is due this year. The offer expires on March 4th.
