Cenomi Centers to discuss 8.98% capital increase on Sept. 27

Cenomi Centers plans to fund the capital increase by capitalizing SAR 426.6 million from retained earnings.

Arabian Centres Co. (Cenomi Centers) said shareholders will discuss, on Sept. 27, the board's recommendation on an 8.98% capital increase from SAR 4.75 billion to SAR 5.18 billion, according to a Tadawul statement.

The capital increase will be implemented through the issuance of 39.58 million new bonus shares at one-for-12, representing an 8.33% increase in capital. In addition, 3.08 million new shares will be issued and allocated to a proposed employee share program, representing a further 0.65% capital increase.

Fractional shares, if any, will be compiled into a single portfolio for all shareholders, sold at market price, and the proceeds—after deducting related costs—will be distributed to eligible shareholders pro rata within a period not exceeding 30 days from the date the entitlement is determined.

The capital increase, bonus share issuance, and employee share allocation remain subject to approval by the relevant regulatory authorities and the extraordinary general meeting (EGM).