Arabian Centres shareholders approve sukuk issuance

Arabian Centres Co.’s extraordinary general assembly meeting approved on Oct. 27 the issuance of Sharia-compliant sukuk, which may be issued in any currency whether domestically and/or internationally.

The move comes as part of Arabian Centres’ long-term policy that aims to move the company to more flexible, unsecured public markets financing.

The decision grants the company’s board of directors the general and unconditional authority required for taking necessary procedures to adopt any resolution, negotiate, and enter into any agreement or deed, when necessary, to implement this transaction.

It also allows the board to decide the size and value of any sukuk issuance, based on market conditions and the company’s financial situation, without reverting to shareholders.