Friday, 19 April 2024

Cenomi Center Launches USD-Denominated Shari’ah-Compliant Sukuk Offering


Arabian Centres Company (“Cenomi Centers” or “the Company”) announced on Thursday the commencement of the offering of USD-denominated Shari’ah compliant Sukuk today and tomorrow and any potential Sukuk issuance is subject to market conditions.

According to the Company, the targeted class of the issuance is Institutional investors (qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions), added that the Minimum Subscription is U.S $200,000 and integral multiples of U.S.$1,000 in excess thereof.

The Company indicated that it has mandated Goldman Sachs International and HSBC Bank plc as Joint Global Coordinators and capital, Dubai Islamic Bank P.J.S.C., Emirates NBD Capital, GFH Financial Group B.S.C., Goldman Sachs International, HSBC Bank plc, J.P. Morgan Securities plc, Kamco Investment Company K.S.C.P., Mashreqbank psc (acting through its Islamic Banking Division), Sharjah Islamic Bank P.J.S.C. and Warba Bank K.S.C.P. have been appointed as Joint Lead Managers and Bookrunners on the transaction.

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The company confirmed that the offering price, par value, and return are determined subject to market conditions, while the maturity period of the Sukuk is five years.

The company noted that the Sukuk can be redeemed before the scheduled dissolution date in some instances, as detailed in the offering circular dated on or around 4 March 2024G about the Sukuk.