Cenomi Centers gets CMA nod on SAR 4.5B sukuk issuance

Logo of Arabian Centres Co. (Cenomi Centers)

The Capital Market Authority (CMA) approved today, Sept. 16, Arabian Centres Co.’s (Cenomi Centers) request to register and publicly offer debt instruments under an issuance program worth up to SAR 4.5 billion.

In a statement, the CMA said that the prospectus will be published well ahead of the subscription period, providing investors with the necessary information to make informed decisions, including the issuer’s financial statements, business activities, management details, and issuance program specifics.

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The authority warned that subscribing without reviewing the prospectus and studying its content may involve high risks. Investors are advised to carefully review the document, which outlines detailed information about the issuer, the offering, and related risks, and to consult a licensed financial advisor if they have difficulty understanding its contents.

The CMA emphasized that its approval should not be viewed as an endorsement of the feasibility of investing in the offering or the issuer’s debt instruments. Instead, it confirms that the application complies with the requirements of the Capital Market Law and its implementing regulations.

The approval is valid for six months from the date of the CMA’s decision and will be canceled if the issuer does not complete the offering and listing of its first issuance under the program within that period.

According to Argaam data, Cenomi Centers’ extraordinary general meeting (EGM) approved in March the issuance of Islamic sukuk worth up to SAR 3.75 billion (or an equivalent amount in other currencies as determined by the board).

The approval covered issuance through private placement, locally or internationally, either via standalone issuances or under a sukuk program (including periodic updates or additions), through a single or multiple offerings.