Arabian Centres approves to issue $1 bln Sharia compliant sukuk

Arabian Centres Co. approved during the extraordinary general assembly meeting on March 16 the issuance of Sharia compliant sukuk of up to $1 billion (SAR 3.75 billion) or its equivalent in any other relevant currency.

The company said in a statement to Tadawul that the sukuk may be issued from time to time either domestically and/or internationally in a single or multiple issuances, in accordance with the company’s long-term policy to move to more flexible, unsecured public markets financing.

The company also granted the board of directors general and unconditional authorities to take all necessary actions and procedures, to implement this transaction, and decide the number, value and timing of the sukuk based on market conditions.

The board will be able to decide on the company’s financial condition, funding requirements and strategy, without reverting to the general assembly of shareholders, the statement added.