Proposal to Issue Up-to USD 1 Billion Shariah-Compliant Sukuk by Arabian Centres Co Approved at EGM

https://islamicmarkets.com/articles/proposal-to-issue-up-to-usd-1-billion-shariah-compliant-sukuk-by
Copy URL

At an Extraordinary General Assembly Meeting (EGM) of Saudi Arabian Real Estate Development Company, Arabian Centres Co, held on the 16th of March 2020, the company received approval to issue Shariah-compliant Sukuk of up-to USD 1 billion (SAR 3.75 billion) or an equivalent amount in any other relevant currency.

In a statement to Tadawul, the company mentioned that the Sukuk will be issued either domestically and/or internationally, in a single issue or phased as multiple issuances to be in-line with the company’s long-term policy to shift to more flexible and unsecured public markets financing.

It further stated that the company has granted general and unconditional authority...