Cenomi Retail authorizes board to leverage investment in ECRED

26/06/2025 Argaam
Logo ofFawaz Abdulaziz Alhokair Co. (Cenomi Retail)

Logo of Fawaz Abdulaziz Alhokair Co. (Cenomi Retail)

Shareholders of Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) authorized the board of directors to leverage the company’s 8.9% investment in Egyptian Centers for Real Estate Development (ECRED), and take the necessary actions during the ordinary general meeting (OGM) held on June 25.

 

Chairman Fawaz Alhokair, and Vice Chairman Abdulmajeed Alhokair are related parties, Cenomi Retail said in a statement to Tadawul.

 

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Other agenda items, including contracts with Arabian Centres Co. (Cenomi Centers), in which board members, Fawaz Al-Hokair, Abdulmajeed Al-Hokair, and Abdulmajid Albasri have an indirect interest, were endorsed.

 

These dealings and contracts are related to real estate rental payments amounting to SAR 310.2 million for 2024. These transactions were carried out on a commercial basis without any preferential terms.

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