Cenomi Retail, Cenomi Centers say FAS Finance license cancelled

Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) headquarters

Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) and Arabian Centers Co. (Cenomi Centers) received on Nov. 10 a notice from FAS Labs — 50%-owned by both companies — stating that the Saudi Central Bank (SAMA) approved the cancellation of the license issued to FAS Finance.

In a statement to Tadawul, the companies said that the decision came upon a request submitted by FAS Labs.

According to data available on Argaam, SAMA had granted a license to FAS Finance in July 2023 to engage in micro consumer financing activities through financial technology.