Arabian Centres starts issuance of dollar-dominated sukuk, merges with existing $650 mln issue

Logo of Arabian Centres

Arabian Centres Co.  announced today, July 13, the commencement of issuance of the dollar-denominated Shariah-compliant sukuk.

The sukuk will be consolidated and will form part of the same series as the currently outstanding $650 million sukuk due 2026, issued on April 7, 2021.

The number and value of any sukuk to be offered will be determined based on market conditions and the company’s financial condition, funding requirement and strategy, the company said in two separate bourse statements.

Arabian Centres mandated Goldman Sachs International and HSBC as joint global coordinators and joint bookrunners on the transaction.

The offering is intended for general corporate purposes and to fulfill the company’s financial and strategic objectives, the statement added.

The sukuk offering will be subject to the approval of the relevant regulatory authorities and will be made in accordance with all applicable laws and regulations.

This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and any other relevant material developments to its shareholders will be announced in due course, the statement also included.

Any offering of sukuk will be limited to qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions, the company noted.